Moody’s cuts Zimmer to Baa3

Moody's Investors Service said it downgraded Zimmer Holdings, Inc.'s senior unsecured ratings to Baa3 from Baa1 following the announcement that Zimmer closed on its acquisition of Biomet, Inc.

All provisional Baa3 ratings assigned in March will convert to Baa3.

The outlook is stable.

Moody's anticipates that it will withdraw all of Biomet's ratings after its existing notes are fully redeemed on June 26. Zimmer issued a notice of redemption for all of Biomet's notes on May 28. Biomet's bank debt – subject to termination upon change of control – was extinguished at the close of the transaction.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.