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S&P revises Integer Holdings' outlook to positive expecting lower leverage

S&P Global Ratings affirmed Integer Holdings Corp.'s B+ long-term issuer credit rating and revised the outlook on the healthcare equipment company to positive from stable.

The rating agency also affirmed all issue-level and recovery ratings on the Plano, Texas-based company.

S&P Global Ratings said in a March 21 ratings release that the outlook revision to positive incorporates its belief that Integer Holdings' financial policy might be changing to aim for sustained lower leverage.

Integer's leverage has decreased from 6.3x in 2017 to 3.8x at the end of 2018, as a result of the company repaying $700 million of debt obligations in 2018 after selling its advanced surgical and orthopedics products lines to Medplast LLC for $600 million in cash.

The company also plans to repay over $100 million of debt in 2019.

S&P Global Ratings expects Integer's leverage to fall to about 3.5x by the end of 2019. It also believes Integer will grow revenue at a mid-single-digit percent rate while adjusted EBITDA margins exceed 21% and has incorporated this expectation into the company's rating.

The rating agency expects Integer to remain acquisitive, but it believes the company will focus mostly on tuck-in acquisitions funded with internally generated cash flow, allowing for further debt reduction.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.