S&P drops Jobson Medical to CCC+

Standard & Poor's said it lowered the corporate credit rating on Jobson Medical Information LLC to CCC+ from B- and removed ratings from CreditWatch, where they were placed with negative implications March 26.

The outlook is stable.

The company's senior secured first-lien debt was downgraded to CCC+ from B- with recovery rating unchanged at 3.

"The rating actions reflect our concern regarding Jobson's ability to bolster its covenant compliance amid adverse business conditions and obtain needed covenant relief in the currently tight credit market," S&P analyst Jeanne Mathewson said in a statement.

Lease-adjusted debt-to-EBITDA ratio fell to 5.5x as of Sept. 30, from 5.7x the prior year.

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