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Moody’s might lower Carestream
Moody's Investors Service said it placed Carestream Health, Inc.'s B2 corporate family rating, B2-PD probability of default rating, B1 (LGD 3) senior secured revolving credit facility and senior secured first-lien term loan ratings and Caa1 (LGD 5) senior secured second-lien term loan rating under review for downgrade.
This follows Carestream's announcement that it agreed to divest its dental digital business to funds managed by Clayton, Dubilier & Rice (CD&R). The dental digital business is among Carestream's most profitable and high growth segments, accounting for about 20% of sales in 2016.
Moody's said the review will consider: (a) Use of proceeds including debt repayment; (b) growth prospects for the remaining segments; (c) cash flow and deleveraging capabilities following the divestiture; and (d) the likelihood for additional divestitures.
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