S&P trims Integer Holdings

S&P said it lowered its corporate credit rating on Integer Holdings Corp. to B from B+. The outlook is stable.

S&P lowered the issue-level rating on Integer’s secured credit facility to B from B+. The recovery rating of 3 is unchanged and indicates an expectation of meaningful (50% to 70%, at the higher end of the range) recovery in the event of payment default.

S&P also lowered the issue-level rating on Integer's senior unsecured notes to CCC+ from B-. The recovery rating of 6 is unchanged and indicates an expectation for negligible (0% to 10%) recovery in the event of payment default.

“The downgrade reflects the weak financial performance in recent quarters as well as our lowered expectations for 2016 and 2017, which weigh on credit metrics,” said S&P credit analyst David Kaplan in a news release.

© 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.