LifeScan Global Corp. missed the principal and interest payments on its third-lien term loan due Oct. 1, 2024. At the same time, the company entered into a forbearance agreement with its first- and second-lien lenders to prevent an acceleration of the remaining outstanding obligations. We lowered our issuer credit rating on LifeScan to 'SD' (selective default) from 'CCC-'. At the same time, we lowered our issue-level rating on the affected third-lien term loan to 'D' from 'CC'. We will reevaluate our ratings upon completion of a restructuring or if the company announces its intention to file for bankruptcy. LifeScan provides blood glucose management (BGM) products globally, with about $751 million in reported revenue in 2023. The company's product offerings primarily
