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S&P lowers TLC Vision debt to B
Standard & Poor's said it revised its outlook on TLC Vision Corp., the parent of TLC Vision (USA) Corp., to negative from positive, lowered TLC Vision (USA)'s $110 million secured debt to B with a recovery rating of 3 from B+ with a recovery rating of 2 and affirmed the B corporate credit rating.
The agency said these actions reflect concerns that the company will not be able to pay down debt as quickly as anticipated, given its inability to divest OccuLogix Inc. as planned, and the potential slowdown in procedures attributable to the weakening U.S. economy.
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