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S&P rates Iqvia’s notes due 2028 BB
S&P said it rated Iqvia Inc.’s planned $800 million of euro-denominated notes due 2028 BB with a 5 recovery rating. The 5 indicates an expectation of a modest (10%-30% rounded: estimate 15%) recovery in the event of a payment default.
S&P expects the company to use the proceeds to refinance its existing unsecured debt.
The agency views the offering as leverage neutral.
S&P’s BB+ rating and stable outlook on the company’s parent, Iqvia Holdings Inc., remains unchanged.
The BBB- issue-level rating and 2 recovery rating on Iqvia's senior secured debt also remain unchanged. The 2 recovery rating indicates an expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default, S&P said.
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