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Baxter (BAX: Baa2 / BBB neg): Fitch Affirms And Withdraws

HEALTHCARE

Last night, Fitch withdrew their BBB- rating of Baxter.

Fitch had cut the rating in January and sat lower than Moody’s and S&P.

The key themes for Baxter are the separation of the Kidney Care business and the integration of Hill-Rom.

  • Fitch note that the separation of Kidney Care (Vantive) will “negatively impact BAX's business profile through a reduction in scale and diversification” albeit somewhat offset by the improved margins and leaner operations of the remaining business.
  • Macroeconomic headwinds, particularly higher costs, have hampered Baxter’s efforts and debt reduction following the Hill-Rom acquisition.
  • Fitch had expected leverage to be at 3.0x by 2024 but now expects 4.2x in 2024 falling to 3.6x in 2025.
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