Moody’s alters IVC outlook to stable

Moody’s Investors Service said it changed the outlook for IVC Acquisition Midco Ltd. (IVCE) to stable from positive and affirmed the B3 ratings on the company and its first-lien loans.

"Today's outlook change to stable from positive mainly reflects the deterioration in IVCE's credit metrics because of slowing organic growth, margin pressure and continued acquisitions at high multiples," said Frederic Duranson, a Moody's vice president, senior analyst and lead analyst for IVCE, in a press release.

At the end of June, the agency said it estimated that Moody's adjusted gross debt/EBITDA for IVCE was more than 10x and up to a turn lower including the annualization of acquired EBITDA while leverage had been moving lower during the pandemic and approaching levels required for a B2 (around 6.5x).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.