S&P downgrades Edwards

Standard & Poor's said it lowered the long-term corporate credit rating on Edwards Group Ltd. to B+ from BB-.

The outlook is stable.

The agency also lowered the rating on the $100 million super-senior revolving credit facility to BB from BB+, the $430 million first-lien term loan to BB- from BB and the $185 million second-lien payment-in-kind toggle loan to B- from B.

The downgrade reflects unlikely improvement in Edwards' financial profile in 2008, according to the agency, illustrated by its adjusted total debt-to-EBITDA ratio of 5.4 times for the 12 months ended March 31.

The rating is supported by Edwards' solid reported EBITDA margin, despite a decline in revenue from continuing operations, S&P noted.

Edwards also benefits from leading positions in global markets, significant intellectual property, diversified customer base and broad product portfolio, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.