S&P rates Iqvia notes BBB-, BB

S&P said it assigned BBB- issue-level and 2 recovery ratings to Iqvia Inc.'s proposed $500 million of senior secured notes due 2028. The 2 recovery rating indicates substantial (70%-90%; rounded estimate: 70%) recovery in default.

The agency also assigned BB issue-level and 5 recovery ratings to the company's planned $500 million of senior unsecured notes due 2030. The 5 recovery rating indicates modest (10%-30%; rounded estimate: 15%) recovery in default.

“Our BB+ long-term issuer credit rating and stable outlook on the company's parent, Iqvia Holdings Inc., are unchanged,” S&P said in a statement.

Iqvia is expected to use the proceeds to repay borrowings under its revolving credit facility and pay related fees and expenses.

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