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S&P cuts Medical Depot
S&P said it downgraded Medical Depot Holdings Inc. and the rating on the company’s first-lien term loan and revolver to CCC from B-.
“The downgrade reflects Medical Depot’s very high leverage, negative cash flow, and liquidity that we view as insufficient to last another 12 months. There is an elevated risk of a distressed exchange or other restructuring over that period, as we expect the company cannot meet its ongoing interest and debt amortization obligations for another 12 months,” said S&P in a press release.
The agency also downgraded rating on the second-lien debt to CC from CCC.
The outlook is negative.
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