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S&P cuts Integrated Dental
S&P said it downgraded Turnstone Midco 2 Ltd. (Integrated Dental Holdings) and its senior secured notes to CCC from B-. The agency also lowered the rating on its senior secured revolver to B- from B+.
“Uncertainty from the escalating coronavirus pandemic, very high debt leverage, and insufficient availability under committed bank lines makes IDH Group dependent on a favorable external economic environment to meet its financial obligations,” said S&P in a press release.
On March 17, Integrated Dental Holdings announced it had drawn down the remaining £73.2 million under its revolver as the ongoing coronavirus pandemic poses huge risks for dentists in the U.K., the agency said.
On Wednesday, the United Kingdom’s National Health Service advised dentists effectively stop all routine check-ups and consolidate, where necessary, the provision of essential treatments, following the latest measures by the U.K. government to contain the spread of the virus, the agency said.
The outlook is negative.
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