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S&P affirms ConvaTec's corporate credit rating

S&P Global Ratings affirmed its ratings, including the BB corporate credit rating, on Convatec Group Plc.

The outlook is stable.

S&P said the affirmation reflects its belief that the company's financial policies should remain relatively conservative due to diminishing financial sponsor ownership despite near-term operational pressures facing the company.

The rating agency also believes ConvaTec's adjusted debt leverage will remain between 3x and 4x over the next 12 months and that it will generate strong free cash flow for the same period.

S&P said the stable outlook takes into account its expectation that the company will continue to generate strong free cash flow, despite near-term operational headwinds from the production shortfalls at its Dominican Republic manufacturing facility.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.