S&P boosts Hologic

S&P said it raised Hologic Inc.’s issuer rating to BBB- from BB+, its unsecured debt to BB+ from BB- but left the first-lien secured debt rating at BBB-.

“We believe Hologic Inc.'s business position has significantly improved given the sharp increase in its molecular diagnostic installed base over fiscal 2020-2021, combined with continuous expansion in its assay menu, which ensures an increased recurring revenue stream. In addition, the greater installed based in the company's breast health segment enables it to benefit from a higher portion of recurring service, maintenance, software, and consumables revenues and reduces dependence on capital equipment sales,” S&P said in a press release.

S&P said it projects Hologic to keep its leverage under 3x.

The outlook is stable.

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