Bioplan USA Inc.'s weak operating performance over the past 12 months has resulted in lower-than-expected FOCF below our $15 million threshold for the rating. Lower sales volumes with key clients and unfavorable product shifts could possibly lead to an unsustainable capital structure within the next 12 months. We are revising our outlook on the company to negative from stable. We are also affirming our ratings on the company, including the 'B-' corporate credit rating. The negative outlook reflects the company's weak operating performance and the likelihood that if these trends continue, the company would not be able to generate sufficient FOCFs to service its debt and sustain operations or repay its debt at maturity, leading to an unsustainable capital structure.
