Mirion Technologies Inc. Outlook Revised To Stable From Positive On Slower-Than-Projected Deleveraging, Ratings Affirmed - S&P Global Ratings’ Credit Research

Mirion Technologies Inc. Outlook Revised To Stable From Positive On Slower-Than-Projected Deleveraging, Ratings Affirmed

Mirion Technologies Inc. Outlook Revised To Stable From Positive On Slower-Than-Projected Deleveraging, Ratings Affirmed - S&P Global Ratings’ Credit Research
Mirion Technologies Inc. Outlook Revised To Stable From Positive On Slower-Than-Projected Deleveraging, Ratings Affirmed
Published Aug 29, 2022
5 pages (2494 words) — Published Aug 29, 2022
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

The impact of the Russia-Ukraine conflict, supply chain and foreign-exchange headwinds, cost inflation, and continued costs associated with Mirion Technologies Inc.'s 2021 business combination have caused it to generate weaker EBITDA than we previously expected. We now forecast its S&P Global Ratings-adjusted leverage will be in the low to mid-6x area as of the end of 2022, which is well above our 5x upgrade threshold. Therefore, we revised our outlook on Mirion to stable from positive and affirmed all of our ratings, including our 'B' issuer credit rating. The stable outlook reflects our expectation for S&P Global Ratings-adjusted leverage in the low- to mid-6x area as of the end of 2022, potentially improving toward 5x in 2023 on tailwinds in

  
Brief Excerpt:

...August 29, 2022 - The impact of the Russia-Ukraine conflict, supply chain and foreign-exchange headwinds, cost inflation, and continued costs associated with Mirion Technologies Inc.'s 2021 business combination have caused it to generate weaker EBITDA than we previously expected. - We now forecast its S&P Global Ratings-adjusted leverage will be in the low to mid-6x area as of the end of 2022, which is well above our 5x upgrade threshold. - Therefore, we revised our outlook on Mirion to stable from positive and affirmed all of our ratings, including our 'B' issuer credit rating. - The stable outlook reflects our expectation for S&P Global Ratings-adjusted leverage in the low- to mid-6x area as of the end of 2022, potentially improving toward 5x in 2023 on tailwinds in its nuclear power and defense end markets and continued growth in its medical segment. Our forecast assumes that the company's supply chain challenges ease modestly and many of the costs associated with its 2021 business combination...

  
Report Type:

Ratings Action

Ticker
MION
Issuer
GICS
Electronic Equipment Manufacturers (45203010)
Sector
Global Issuers
Country
Region
Format:
PDF Adobe Acrobat
Buy Now

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Mirion Technologies Inc. Outlook Revised To Stable From Positive On Slower-Than-Projected Deleveraging, Ratings Affirmed" Aug 29, 2022. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Mirion-Technologies-Inc-Outlook-Revised-To-Stable-From-Positive-On-Slower-Than-Projected-Deleveraging-Ratings-Affirmed-2885682>
  
APA:
S&P Global Ratings’ Credit Research. (). Mirion Technologies Inc. Outlook Revised To Stable From Positive On Slower-Than-Projected Deleveraging, Ratings Affirmed Aug 29, 2022. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Mirion-Technologies-Inc-Outlook-Revised-To-Stable-From-Positive-On-Slower-Than-Projected-Deleveraging-Ratings-Affirmed-2885682>
  
US$ 150.00
$  £  
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.