Fitch rates RPI trusts BBB-

Fitch Ratings said it assigned expected long-term issuer default ratings of BBB- to RPI 2019 Intermediate Finance Trust and RPI Intermediate Finance Trust with stable outlooks. In addition, Fitch assigned expected BBB- issue level ratings to new term loans at both entities. The expected issue level ratings apply to about $6.3 billion of new term loans. The amount of debt issued by each entity will depend upon a pro rata split determined by participation of the limited partners of RPI Finance Trust.

Proceeds will be used to refinance debt at RPI Finance Trust, facilitating an investment event for the limited partners and a resulting reorganization of RPI Finance Trust. Shareholders of RPI Finance Trust have been given an option to exchange all or a portion of their interests in RPI Finance Trust for interests in RPI 2019 or to remain invested in RPI Intermediate, which will cease making new investments after June 30, and distribute up to 100% of FCF after debt service to its limited partners.

Fitch Ratings affirmed the ratings of RPI Finance Trust, including its BBB- IDR and senior secured bank credit facility rating at BBB-. The affirmation applies to about $6.3 billion of debt as of Sept 30. The outlook is stable.

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