Research Update: Mirion Technologies Inc. Outlook Revised To Positive On Debt Repayment And Strong Earnings, Ratings Affirmed

Mirion Technologies Inc., an Atlanta-based provider of radiation detection, measurement, analysis, and monitoring products and services, recently issued equity and used a portion of the proceeds to reduce its outstanding debt, which has accelerated our forecast for its deleveraging this year. Further, the company achieved a solid operating performance in the fourth quarter of 2022, and we forecast it will continue to expand its EBITDA this year. We now forecast Mirion's S&P Global Ratings-adjusted leverage will improve to between 4x and 5x by the end of 2023, which is below our 5x upgrade threshold. Therefore, we revised our outlook on the company to positive from stable and affirmed all of our ratings, including our 'B' issuer credit rating. The positive

...- Mirion Technologies Inc., an Atlanta-based provider of radiation detection, measurement, analysis, and monitoring products and services, recently issued equity and used a portion of the proceeds to reduce its outstanding debt, which has accelerated our forecast for its deleveraging this year. Further, the company achieved a solid operating performance in the fourth quarter of 2022, and we forecast it will continue to expand its EBITDA this year. - We now forecast Mirion's S&P Global Ratings-adjusted leverage will improve to between 4x and 5x by the end of 2023, which is below our 5x upgrade threshold. - Therefore, we revised our outlook on the company to positive from stable and affirmed all of our ratings, including our 'B' issuer credit rating. - The positive outlook reflects our expectation that Mirion will continue improving its EBITDA margins and maintain its current financial policy such that it reduces its S&P Global Ratings-adjusted leverage below 5x by the end of 2023....

Research Update