US HEALTHCARE: Baxter: Moody's Puts BAX on Review for Downgrade
Nov-05 12:53
(BAX; Baa2 CWN/ BBB Neg/ NR)
#MNI #Healthcare
- Moody's placed Baxter's Baa2 on Review for Downgrade after 3Q25 results which showed continued pressure in areas such as Infusion Therapies & Technologies as well as Anesthesia & Injectables.
- Moody's noted that the rating reflects elevated leverage even after recent debt reduction efforts from the Vantive sale proceeds. Moody's still expects BAX to deleverage consistent with management's objective of 3x net debt/EBITDA which corresponds with mid/high-3x on Moody's gross adjusted basis.
- Please see our note on 3Q25 earnings here: https://www.mnimarkets.com/articles/baxter-3q25-earnings-1761837102134
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