...July 10, 2020 - New York City-based beauty and personal care sampling and packaging provider Bioplan USA Inc.'s operating performance continues to weaken, driven by secular weakness in the print, retail, and consumer product sectors. We also expect COVID-19-induced retail shutdowns to materially affect Bioplan's volumes in 2020, compounding the existing secular pressures. - While the company is able to factor its accounts receivable to supplement its liquidity needs, we expect continued revenue declines will eventually affect its receivable balance and constrain its factoring program within the next 12 months, leading to a deterioration in Bioplan's liquidity position. - We are, therefore, lowering our issuer credit rating on the company to '###' from '###+'. - We are also lowering our issue-level ratings on the company's first-lien debt to '###' from 'B-'. We are also revising the recovery rating to '3' from '2'. In addition, we are lowering our issue-level rating on the company's second-lien...
