S&P rates Iqvia notes BB

S&P said it assigned a BB rating to Iqvia Inc.'s proposed senior unsecured dollar-denominated notes due 2027 in the amount of up to $1.1 billion.

The recovery rating is 5, indicating 10% to 30% expected default recovery.

The proceeds will be used to refinance existing debt and for general corporate uses, S&P said.

The agency said views this transaction as generally leverage neutral and consistent with prior expectations.

S&P said it continues to expect significant annual spending on acquisitions and share repurchases.

The agency said it believes the addition of unsecured debt provides a small amount of incremental support to the recovery estimate of the senior secured debt.

The BB+ long-term issuer credit rating on parent Iqvia Holdings Inc. and its stable outlook are unchanged.

The senior secured rating is BBB- with a 2 recovery rating, indicating 70% to 90% expected default recovery.

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