S&P gives IHS Markit notes BB+

S&P said it assigned a BB+ issue-level rating to IHS Markit Ltd.'s proposed $400 million unsecured notes due 2026 and assigned a 3 recovery rating to the notes, indicating an expectation for meaningful recovery (50% to 70%; rounded estimate: 65%) in the event of a payment default.

The ratings are the same as our ratings on the company's existing unsecured debt.

Proceeds are expected to be used to repay the outstanding balances on the company’s revolving credit facility.

The agency said the transaction does not affect the BB+ corporate credit rating or positive outlook on IHS Markit.

S&P said it estimates that adjusted leverage is about 3x as of Aug. 31, and it views the transaction as leverage neutral.

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