S&P changes Agiliti outlook to stable

S&P said it changed its outlook for Agiliti Inc. to stable from positive and affirmed all its ratings, including the B+ ratings on Agiliti Health Inc.’s $1.075 billion term loan.

“The outlook revision reflects reduced demand for some of its medical equipment rental services and our expectation for EBITDA below our previous base-case forecast in 2023, resulting in S&P Global Ratings-adjusted leverage above 4x in the next couple of years. Management lowered its EBITDA guidance to $35 million for 2023. We now expect S&P Global Ratings-adjusted leverage will rise to about 4.4x by year-end and remain in the low- to mid-4x area through 2024,” S&P said in a statement.

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