S&P rates Embecta notes B+

S&P said it assigned B+ issue-level and 3 recovery ratings to Embecta Corp.'s expected $500 million of senior secured notes due 2030. The 3 recovery rating on the notes indicates an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in default.

The notes will rank pari passu with Embecta's first-lien senior secured facility comprising a $500 million first-lien revolver and a $1.15 billion term loan.

The outlook is stable.

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