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Moody’s gives Ba1 to IHS Markit notes
Moody's Investors Service said it assigned a Ba1 rating to IHS Markit Ltd.'s proposed $400 million of new senior notes.
IHS Markit's existing ratings, including its Ba1 corporate family rating and senior unsecured debt ratings, Ba1-PD probability of default rating and SGL-1 speculative grade liquidity rating, are not affected.
The outlook is stable.
The company plans to use the net proceeds to repay a portion of outstanding revolving borrowings.
Moody’s said the Ba1 rating reflects IHS Markit's enhanced scale, diversified business lines and leading positions as a provider of information services to the energy and transportation industries. Its credit profile is supported by the high proportion of recurring revenues, high EBITDA-to-free cash flow conversion and a good track record of integrating acquisitions.
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