Moody’s turns MyEyeDr view to positive

Moody’s Investors Service said it changed MED ParentCo., LP's (doing business as MyEyeDr) outlook to positive from stable and affirmed MyEyeDr's ratings, including its Caa1 corporate family rating, its Caa1-PD probability of default rating, its B3 senior secured first-lien bank credit facilities ratings and Caa3 senior secured second-lien bank credit facility rating.

“The outlook change to positive reflects the significant improvement in MyEyeDr's performance and credit metrics as the company has pared back on acquisition activity to focus on operating performance improvements and has seen same-store sales growth and margin expansion. The positive outlook also reflects that MyEyeDr has extended its revolver maturities,” Moody’s said in a press release.

Moody's said it forecasts continued financial performance strength in 2024 with debt/EBITDA retreating to below 6x by year-end 2024 from 6.8x for the LTM ending Sept.30, 2023, and EBITA/interest improving to about 1.25x from 1.15x over the same period.

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