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S&P assigns BBB- to RPI Intermediate, debt
S&P said it assigned BBB- ratings to RPI Intermediate Finance Trust and its proposed term loan A and term loan B.
The trust is expected to receive about 20% of the cash flow from Royalty Pharma Investments and its subsidiary, RPI Finance Trust.
“The rating on RPI Intermediate Finance Trust reflects cash flows coming from a relatively diversified, but static portfolio of pharmaceutical royalty assets. The company's management team does not intend to reinvest its cash flow in other assets after June 30, 2020. Meanwhile, over time, its cash flows and the number of drugs in its portfolio will decline as its contracts on these drugs end. The rating also reflects our expectation that operating cash flow to debt will remain more than 25%,” said S&P in a press release.
The outlook is stable.
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