Research Update: LSCS Holdings Inc. Ratings Downgraded To 'B-' On Integration Headwinds And Weak Cash Flow - S&P Global Ratings’ Credit Research

Research Update: LSCS Holdings Inc. Ratings Downgraded To 'B-' On Integration Headwinds And Weak Cash Flow

Research Update: LSCS Holdings Inc. Ratings Downgraded To 'B-' On Integration Headwinds And Weak Cash Flow - S&P Global Ratings’ Credit Research
Research Update: LSCS Holdings Inc. Ratings Downgraded To 'B-' On Integration Headwinds And Weak Cash Flow
Published Apr 05, 2019
8 pages (2639 words) — Published Apr 05, 2019
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

LSCS Holdings Inc. (d/b/a EVERSANA) incurred significant acquisition integration headwinds that contributed to weaker cash flow and higher leverage than our expectations. Based on our updated projections, we now expect leverage of 6x and only minimal free cash flow for 2019. We lowered our issuer credit rating to 'B-' from 'B'. The outlook is stable. We also lowered the issue-level ratings for the first-lien and second-lien credit facility to 'B-' and 'CCC', respectively. The recovery ratings are unchanged at '3' and '6' for the first-lien and second-lien debt, respectively. The stable outlook reflects our expectation for minimal free cash flow generation in 2019. It also reflects our expectation for improved free cash flow generation in 2020 and beyond as the

  
Brief Excerpt:

...(Editor's Note: We are correcting the financial policy modifier in the Ratings Score Snapshot section in this article, originally published April 5, 2019. The financial policy modifier is FS-6.)...

  
Report Type:

Research Update

Issuer
LSCS Holdings, Inc.
GICS
Pharmaceuticals (35202010)
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: LSCS Holdings Inc. Ratings Downgraded To 'B-' On Integration Headwinds And Weak Cash Flow" Apr 05, 2019. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-LSCS-Holdings-Inc-Ratings-Downgraded-To-B-On-Integration-Headwinds-And-Weak-Cash-Flow-2381323>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: LSCS Holdings Inc. Ratings Downgraded To 'B-' On Integration Headwinds And Weak Cash Flow Apr 05, 2019. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-LSCS-Holdings-Inc-Ratings-Downgraded-To-B-On-Integration-Headwinds-And-Weak-Cash-Flow-2381323>
  
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