ICU Medical rating upgraded by S&P on stronger credit metrics

S&P Global Ratings has upgraded ICU Medical Inc. to a 'BB' credit rating from 'BB-', citing strengthened credit metrics and solid operating performance. The infusion therapy company's adjusted leverage declined to 3.1x as of the second quarter of 2026, while free operating cash flow generation exceeded expectations. The upgrade reflects ICU Medical's steady leverage reduction over recent years, as the company utilized proceeds from the sale of a 60% stake in its IV solutions business in 2025 and additional free cash flow in the second quarter of 2026 to repay debt, bringing its reported leverage to 2.28x as of June 30, 2026.

S&P Global Ratings projects adjusted leverage of about 3.2x in 2026 and 2027, with the firm expecting ICU Medical to continue deleveraging toward its internal net leverage target of 2x, at which point the company is expected to increase share repurchases.

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