Moody's lowers TLC Vision

Moody's Investors Service said it downgraded the corporate family rating of TLC Vision Corp. to B3 from B2 following its recent announcement that industry wide LASIK procedure volumes declined in the third quarter.

Concurrently, Moody's said it lowered the probability of default rating to Caa1 from B3 and the ratings on the senior secured credit facilities to B2 from B1.

The outlook remains negative.

The ratings downgrade reflects what Moody's said it believes will be a protracted and accelerated deterioration of demand for refractive procedures across the industry due to reduced consumer discretionary spending in response to a weakened North American economic outlook.

© 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.