Research Update: Curia Global Inc. Downgraded To 'B-' From 'B' On Projected Weaker Cash Flow; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Curia Global Inc. Downgraded To 'B-' From 'B' On Projected Weaker Cash Flow; Outlook Stable

Research Update: Curia Global Inc. Downgraded To 'B-' From 'B' On Projected Weaker Cash Flow; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Curia Global Inc. Downgraded To 'B-' From 'B' On Projected Weaker Cash Flow; Outlook Stable
Published Aug 01, 2022
8 pages (3159 words) — Published Aug 01, 2022
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

We have updated our projections for Albany, N.Y.-based pharmaceutical contract development and manufacturing organization (CDMO) Curia Global Inc. (formerly Albany Molecular Research Inc.) and now expect cash flow generation in 2022-2023 to be negative due to higher expenses and growth spending. As a result, we lowered our issuer credit rating on Curia to 'B-' from 'B.' We also lowered our issue-level rating on the senior secured credit facility to 'B-' from 'B'. The recovery rating on this debt is unchanged at '3'. The outlook is stable and reflects our expectation for high-single-digit percent revenue growth and for profitability to begin to stabilize in 2023. We also expect that Curia will generate free cash flow deficits due to higher growth spending

  
Brief Excerpt:

...- We have updated our projections for Albany, N.Y.-based pharmaceutical contract development and manufacturing organization (CDMO) Curia Global Inc. (formerly Albany Molecular Research Inc.) and now expect cash flow generation in 2022-2023 to be negative due to higher expenses and growth spending. - As a result, we lowered our issuer credit rating on Curia to 'B-' from 'B.' We also lowered our issue-level rating on the senior secured credit facility to 'B-' from 'B'. The recovery rating on this debt is unchanged at '3'. - The outlook is stable and reflects our expectation for high-single-digit percent revenue growth and for profitability to begin to stabilize in 2023. We also expect that Curia will generate free cash flow deficits due to higher growth spending and for S&P Global Ratings-adjusted debt leverage above 7x over the next year....

  
Report Type:

Research Update

Issuer
Curia Global Inc.
GICS
Life Sciences Tools & Services (35203010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Curia Global Inc. Downgraded To 'B-' From 'B' On Projected Weaker Cash Flow; Outlook Stable" Aug 01, 2022. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Curia-Global-Inc-Downgraded-To-B-From-B-On-Projected-Weaker-Cash-Flow-Outlook-Stable-2875143>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Curia Global Inc. Downgraded To 'B-' From 'B' On Projected Weaker Cash Flow; Outlook Stable Aug 01, 2022. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Curia-Global-Inc-Downgraded-To-B-From-B-On-Projected-Weaker-Cash-Flow-Outlook-Stable-2875143>
  
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