S&P cuts Integrated Dental view to negative

S&P said it revised its outlook to negative from stable on the Integrated Dental Holdings group, owned by Turnstone Midco 2 Ltd. (IDH Group). At the same time, S&P affirmed its B- long-term issuer credit rating on the IDH Group.

In addition, S&P assigned a B- long-term issuer credit rating to the parent guarantor in the group, Turnstone Midco 2, and withdrew the issuer credit rating on Turnstone Bidco 1 Ltd.

Furthermore, the agency said it affirmed its B- issue rating on the £425 million senior secured notes issued by IDH Finance plc. The recovery rating remains unchanged at 4 reflecting an expectation of average recovery (30%-50%; rounded estimate: 30%) in the event of a payment default.

Finally, S&P affirmed its issue rating on Turnstone Bidco 1's £100 million super senior revolving credit facility at B+. The 1 recovery rating reflects an expectation of very high recovery (90%-100%; rounded estimate: 95%) in the event of a payment default and captures the revolver’s priority ranking in the capital structure.

“The outlook revision reflects our revised expectations of the IDH Group's future earnings growth and cash flow generation as it pursues a turnaround strategy in its operations,” S&P said in a news release.

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