S&P gives Foundry JV notes BBB+

S&P said it assigned a preliminary BBB+ rating to Foundry JV HoldCo LLC’s planned $1.1 billion in 144A senior secured notes and affirmed the BBB+ rating on its outstanding senior secured notes.

The proceeds will be used to repay/refinance principal drawn under the bank facilities and to fund future capital contributions and other expenses.

The outlook is negative mirroring the outlook on Intel Corp. because the issuer depends on Intel to make minimum revenue payments to repay Foundry JV’s debt, S&P said.

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