...December 11, 2020 - We project Medical Depot Holdings Inc.'s leverage will remain elevated above 12x in 2020-2021. The net effect of the COVID-19 pandemic is modest; we expect a 2% revenue decline in 2020 and low-single-digit percent revenue growth in 2021. - Liquidity remains tight, but we expect it will be sufficient to cover the company's fixed charges, including its financial obligations over the next 12 months. - We are affirming our issuer credit rating on Medical Depot at '###+', as well as our issue-level ratings on the company's first-lien debt at '###' and second-lien debt at '###-'. Our recovery ratings are unchanged at '5' (rounded estimate: 15%) and '6' (rounded estimate: 0%), respectively. - The negative outlook reflects our view that Medical Depot's operating challenges and very high leverage will likely persist through 2021, as the company remains focused on its turnaround plan. It also reflects the liquidity constraints, which limit capacity for underperformance and increase...
