...- U.S.-based LifeScan Global Corp.'s liquidity position is deteriorating due to ongoing revenue declines in its blood glucose monitoring (BGM) business, as well as the high required debt amortization on its first-lien term loan. - Although the company could improve its overall revenue trends over the next couple of years through the commercialization of its continuous glucose monitoring (CGM) product, we are uncertain about when it will launch this offering. - We believe the uncertainty around LifeScan's revenue trajectory and cash flow generation, combined with its high debt service costs and approaching third-lien debt maturity, could pressure its liquidity, which would heighten the risk of a covenant breach or distressed exchange over the next six months. - Therefore, we lowered our issuer credit rating on LifeScan to '###-' from '###+', our issue-level rating on its exchange super-priority revolver to '###+' from 'B', our issue-level rating on its exchange first-lien term loan to '###-'...
