S&P rates Intuit loans BBB+

Standard & Poor’s said it assigned a BBB+ rating to Intuit Inc.’s $1 billion unsecured revolver credit facility and $500 million unsecured term loan, both due 2021.

The company will use the proceeds, which include a $250 million draw on the revolving credit facility, for general corporate purposes, S&P said.

The facilities replace the previous revolving credit facility, which had a balance of $350 million as of Oct. 31, 2015, S&P said.

The BBB+ corporate credit rating, which allows for leverage up to 2x, is unchanged, the agency said.

The ratings reflect Intuit’s leading market position in tax- and small-business software, high profit margins and good track record of operating performance, S&P said.

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