U.S.-based Medical Depot Holdings Inc. recently completed an amend-and-extend transaction that extends the maturities on its super-priority and first-lien term loans by one year to June 2026. The transaction was supported by most of its super-priority and first-lien term loan lenders. While the extension resolves the immediate refinancing need, the company will still need to address its debt maturities within two years. We therefore affirmed our 'CCC+' issuer credit rating and all our other ratings. The negative outlook on Medical Depot reflects its persistently high leverage and limited cash flow generation absent the benefit from (payment-in-kind) PIK interest on its term loan and preferred shares, and the refinancing risk associated with its debt maturities in 2026. Our forecast reflects our
