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S&P views IVC Evidensia negatively
S&P said it changed its outlook for IVC Evidensia to negative from stable and affirmed its B ratings on the issuer and its senior secured debt.
“IVCE's expected reduction in leverage after the merger with VetStrategy has been delayed compared with our previously published base case, and we now expect S&P Global Ratings-adjusted leverage of about 8.5x in fiscal 2023 and 7.5x-8x in fiscal 2024.In fiscal 2022, adjusted leverage stood at 11.1x and FOCF was about -£61 million,” S&P said in a press release.
The agency warned it could downgrade IVCE if it fails to meet the base care and show clear deleveraging over the next 12 months.
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