Integer Holdings (NYSE:ITGR) said it has received a positive outlook and a reaffirmed B+ long-term issuer credit rating from Standard & Poor’s (S&P). The positive outlook, which was revised from stable, is based on Integer’s debt reduction and expected future targeted debt-to-adjusted EBITDA leverage ratio between 2.5X – 3.5X.
S&P also cited Plano, Texas-based Integer’s customer relationships, array of product offerings and competitive advantage as the industry consolidates its supplier base with larger medical device manufacturers. S&P also hinted at an upgrade if Integer demonstrates consistent long-term leverage in the targeted range.
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