Moody’s changes APOG outlook to negative

Moody’s Investors Service said it changed its outlook for APOG Bidco Pty Ltd., owner of Icon Group, to negative from stable and affirmed the B2 ratings on the company and its senior secured credit facility rating.

“APOG's outlook change to negative reflects its elevated leverage stemming from the acquisition by financial sponsor EQT in February 2022 and its weaker-than-expected earnings in fiscal year ended June 2023 (fiscal 2023) resulting from one-off events, cost inflation pressures and delays in cancer center roll outs. APOG's leverage –– as measured by Moody's gross adjusted debt to EBITDA, which includes lease liabilities –– registered at around 8.5x in fiscal 2023 compared to our original forecast of around 7.3x,” Moody’s said in a press release.

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