Leading market positions in several product categories and in varying geographies. Competes on offering a large portfolio of products, innovation, and in some instances, price. Able to translate a proportionately low R&D spend into a large number of innovations. As the company looks to innovate, EBITDA margins are expected to slightly expand. Very highly leveraged capital structure. Improving cash flow from operations and low capital expenditure needs. Adequate liquidity. Payment-in-kind securities (PIKs) and preferred equity certificates add to an already highly leveraged capital structure, but a portion of the interest is non-cash. Our stable rating outlook on ConvaTec Healthcare B. S.a.r.l. reflects our expectation that leverage will remain high despite improving operating trends and continued innovation, and the company will
