S&P gives BBB- to Quintiles IMS loan

S&P said it assigned a BBB- issue-level rating to Quintiles IMS Holdings Inc.'s proposed $750 million senior secured term loan B due 2025, to be issued by operating subsidiary Quintiles IMS Inc.

The company plans to use the proceeds to repay the balance of its revolving credit facility, which was drawn to fund multiple acquisitions and for general corporate purposes.

The corporate credit rating on Quintiles IMS Holdings remains BBB- with a stable outlook.

“The rating reflects our expectation for long-term adjusted debt leverage of about 4x and interest coverage ratios consistent with the investment-grade rating, and the incremental quarter turn of leverage does not change our view,” S&P said in a news release.

“Our ratings on Quintiles IMS continue to reflect our view that the company has two leadership positions in the contract research organization and health care information and technology industries,” the agency added.

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