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S&P cuts Lantheus Medical
Standard & Poor's said it lowered its corporate credit rating on Lantheus Medical Imaging Inc. to B- from B. The outlook is negative.
Commensurate with the downgrade, S&P lowered the issue-level rating on Lantheus' senior unsecured notes to B- from B. The recovery rating on the notes is unchanged at 4, indicating an expectation for average (30%-50%) recovery in the event of payment default.
The downgrade follows EBITDA generation that has been weaker than S&P expected, resulting in higher leverage and pressuring liquidity, the agency said.
"The ratings on Lantheus reflect a 'vulnerable' business risk profile characterized by small size and scale that makes it particularly susceptible to customer pricing demands, a dependence on third-party contract manufacturers, product concentration, and a narrow business focus," said S&P credit analyst Michael Berrian in a news release. "We still view Lantheus' financial risk profile as 'highly leveraged,' but it is weaker in the category than previously."
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