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S&P revises outlook on Integer Holdings to positive

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S&P revises outlook on Integer Holdings to positive

S&P Global Ratings affirmed its B corporate credit rating on Integer Holdings Corp. and revised the outlook to positive from stable.

The rating agency said the positive outlook reflects the potential for an upgrade to B+ over the next year if Integer completes the recently announced divestiture of its advanced surgical and orthopedics products lines to MedPlast LLC for $600 million, increases EBITDA margins to about 21% and maintains debt leverage below 5x.

S&P expects Integer's credit measures will materially improve in 2018 as it completes the proposed sale and uses the net proceeds to pay down a portion of its debt.

The agency expects Integer will continue prioritizing debt repayment over acquisitions, share repurchases or dividends and expects debt leverage to remain between 4x and 5x over the next two years.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.