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Fitch assigns GE Healthcare BBB
Fitch Ratings said it assigned an expected BBB issuer default rating to GE Healthcare Holding LLC (GEHC) with a stable outlook.
“The BBB(EXP) rating reflects GEHC's strong market position in the medical imaging space and industry-leading innovation. Fitch assumes the company will incorporate a prudent financial policy by maintaining long-term gross leverage (gross debt/EBITDA) under 3x.
“These strengths are offset by uncertainties around margin expansion and working capital management through a recessionary environment and by potential competition posed by new market entrants across different regions and offering categories. There will also be limited visibility into the company's long-term financial policy during the interim period prior to the GEHC management and board acquiring independent authority,” Fitch said in a press release.
The agency said it plans to convert the expected rating to a final rating once GEHC completes its separation from General Electric.
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