Moody’s raises Bioventus, facilities

Moody's Investors Service said it upgraded Bioventus LLC’s corporate family rating to B2 from B3, probability of default rating to B3-PD from Caa1-PD, senior secured first-lien revolver to B2 (LGD3) from B3 (LGD3) and senior secured first-lien term loan B to B2 (LGD3) from B3 (LGD3).

The outlook is stable.

Moody’s said the upgrade reflects the expectation of solid operating performance and deleveraging with steady earnings growth.

The agency forecasts adjusted debt to EBITDA to decline toward 4.5 times within the next six to nine months.

Revenue growth in 2018 will be fueled by the launch of Durolane, a single-injection hyaluronic acid product for the treatment of osteoarthritis knee pain, Moody’s added.

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