Optical retailer MED ParentCo L.P. (operating as MyEyeDr.) improved its operating performance and cash generation in 2023. As a result, we raised our issuer credit rating on MED to 'B-' from 'CCC+'. We also raised our issue-level rating on the company's revolving credit facility and first-lien term loan to 'B-' from 'CCC+'. The '3' recovery rating remains unchanged. The stable outlook reflects our expectation that operating results and cash flow generation will continue improving. We updated our base-case forecast to reflect the improved margins and cash flow generation. We believe that MED's nondiscretionary product offering and insured customer base continues to provide natural credit protection to macroeconomic headwinds. Our forecast projects positive FOCF sufficient to cover delayed acquisition payments. We
