Moody's assigns Baa3 sr. to RPI 2019

Moody's Investors Service said it assigned a Baa3 senior secured rating to the new term loans of RPI 2019 Intermediate Finance Trust. The outlook is stable.

RPI 2019 Intermediate Finance Trust is a new entity being formed as part of a recapitalization of RPI Finance Trust, which is rated Baa3. Proceeds will be used to repay debt at RPI Finance Trust in a leverage neutral transaction. RPI 2019 Intermediate Finance Trust will own about 80% of the royalty interests acquired by RPI Finance Trust before June 2020 and will continue to make royalty acquisitions.

RPI 2019 Intermediate Finance Trust's Baa3 senior secured rating reflects the strong product portfolio underlying the company's royalty streams. It also mirrors the company's excellent track record of successfully acquiring royalty interests on blockbuster drugs, Moody’s said.

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