S&P rates Fortive notes BBB

S&P said it assigned its BBB issue-level ratings to Fortive Corp.’s proposed $2.25 billion notes, which will be issued with varying maturities.

The company will use the proceeds from these notes to make payments to Danaher Corp. for the assets that are being transferred to Fortive in connection with its separation from Danaher, to pay fees and expenses and for general corporate purposes.

All of the other ratings on Fortive, including the BBB/A-2 corporate credit rating, remain unchanged. The outlook is stable.

“Our ratings on Fortive reflect its good position as a manufacturer of a diverse set of industrial products and our expectation that the company will pursue a financial policy that is consistent with maintaining moderate debt leverage (including a net adjusted debt-to-EBITDA metric of less than 3x) over time,” S&P said in a news release.

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