S&P boosts MyEyeDr

S&P said it raised its ratings for MED ParentCo LP (MyEyeDr), its revolver and first-lien term loan to B- from CCC+. The 3 recovery ratings on the loans remain 3.

“The upgrade reflects the company's improved operating performance and progress on integrating past acquisitions. Over the past year, the company has worked to optimize its labor and staffing levels and better leverage its fixed costs. As a result, MED improved its operating margins by reducing its cost structure and optimizing its doctor and office staff labor coverage,” the agency said in a statement.

The agency said it forecasts MED’s S&P Global Ratings-adjusted EBITDA margin above 18% while growing revenues in the mid-single-digit percent range over the next 12-24 months.

“This leads us to expect its S&P Global Ratings-adjusted leverage will sustain below 8x compared to 12.2x at the end of 2022,” S&P said.

The outlook is stable.

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