Buccaneer Intermediate Holdco Ltd.'s (also known as Signant Health) cash flow generation has been volatile due to weak bookings in the beginning of the year. We believe that bookings could be weak in calendar year 2020 because of clinical trial delays that could cause the company to produce free cash flow deficits. S&P Global Ratings is revising its rating outlook on Buccaneer Intermediate Holdco Ltd. to negative from stable. At the same time, we are affirming our 'B-' issuer credit rating and issue-level ratings on the company. The negative outlook reflects the risk that free cash flow deficits in fiscal 2020 could be wider than we project or remain persistently negative. The outlook revision reflects risk to our base-case projections
