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S&P: Invacare view to positive
Standard & Poor's said it revised its outlook on Invacare Corp. to positive from stable.
The positive outlook reflects ongoing improvement in the company's financial performance, as evidenced by consistent free cash flow generation and debt reduction, S&P said. This has resulted in its debt-to-EBITDA ratio declining to 2.3x and funds from operations-to-total debt improving to 43% at the end of Dec. 31, 2009, the agency said.
The ratings reflect the company's ongoing exposure to Medicare reimbursement reductions, S&P said, and a near-term exposure to an evolving competitive bidding environment.
The ratings also reflect the company's concentration in wheelchairs and counterparty risk for accounts receivable, the agency said.
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