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S&P cuts Iqvia, rates loan BBB-
S&P said it lowered the corporate credit rating on Iqvia Holdings Inc. to BB+ from BBB-. The outlook is stable.
At the same time, the agency affirmed the BBB- senior secured issue-level rating. The 2 recovery rating indicates an expectation for substantial (70% to 90%; rounded estimate: 70%) recovery in the event of a payment default.
S&P assigned a BBB- issue-level rating to the proposed $1 billion term loan B to be issued by Iqvia Inc.
The agency lowered the senior unsecured issue-level rating to BB from BB+ and assigned a 5 recovery rating, indicating expectations for modest (10% to 30%; rounded estimate 15%) recovery in the event of a payment default.
“The downgrade is a result of a more aggressive than expected financial policy,” S&P said in a news release.
“However, we still believe the underlying business has positive tailwinds supporting EBITDA growth and predictable cash flows.”
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