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S&P rates Becton Dickinson notes, loans BBB+, convertibles BBB-
S&P said it assigned its BBB+ issue rating to Becton, Dickinson & Co.'s proposed senior unsecured notes of up to $10 billion to be issued in multiple tranches and the $2.25 billion senior unsecured term loan.
S&P also assigned a BBB- issue rating to Becton Dickinson's $2,475,000,000 mandatory convertible preferred stock and placed all these ratings on CreditWatch with negative implications.
The CreditWatch negative placement on the notes mirrors the CreditWatch on Becton Dickinson.
“We expect to resolve the CreditWatch placement on Becton Dickinson with a one-notch downgrade upon close of the acquisition. We expect the proceeds of these obligations will serve to fund the proposed acquisition of C.R. Bard,” S&P said in a news release.
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