- Language: English
- Published: July 2012
Research Update: France-Based Cegedim Downgraded To 'BB' On High Leverage And Weaker-Than-Forecast Operating Margins; Outlook Negative
- Published: May 2011
- Standard & Poors
French health care software and services firm Cegedim S.A. has reported lower operating margins and free cash flow generation in 2010 than we forecast. Adjusted leverage is above our previous maximum forecast of 3.5x and we do not anticipate a material reduction in 2011. We are therefore lowering our long-term corporate credit and issue ratings on Cegedim to 'BB' from 'BB+'. The negative outlook reflects the possibility that we could lower the ratings again if free cash flow generation does not improve or if leverage approaches 4x. On May 10, 2011, Standard & Poor's lowered to 'BB' from 'BB+' its long-term corporate credit rating on French health care software and services provider Cegedim S.A. The outlook is negative. At the...
Companies mentioned in this report are: Cegedim S.A.
Action: Outlook: Negative
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Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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