Moody’s moves LGC view to stable

Moody’s Investors Service said it revised the outlook for LGC Science Group Holdings Ltd. and its financing subsidiary Loire Finco Luxembourg Sarl to stable from positive and affirmed their ratings, including the B3 ratings on the backed senior secured first-lien credit facilities.

“The stable outlook reflects Moody's expectation that over the next 12-18 months LGC's credit ratios will gradually deteriorate as Covid-19 revenue tailwinds significantly recede, although from a solid starting point,” the agency said in a press release.

Moody's said it projects EBITDA declining to the end of fiscal 2023 from the peak in the 12 months to September 2022, and a further reduction in fiscal 2024. These declines are the result of limited pandemic revenue from the second half of fiscal 2023 compared with around £127 million in the 12 months to September.

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