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S&P gives BBB- to RPI 2019, debt
S&P said it assigned BBB- ratings to RPI 2019 Intermediate Finance Trust and its proposed term loan A and term loan B.
RPI 2019 is expected to receive about 80% of the cash flow from Royalty Pharma Investments and its subsidiary, RPI Finance Trust.
“The rating on RPI 2019 Intermediate Finance Trust reflects cash flows coming from a relatively diversified portfolio of pharmaceutical royalty assets and its management team's track record of continually acquiring productive assets while maintaining operating cash flow to debt above 15%. Royalty Pharma's management team plans to pursue an IPO and take RPI 2019 Intermediate Finance Trust public later this year,” said S&P in a press release.
The outlook is stable.
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