S&P rates Merck notes A+

S&P said it rated Merck & Co. Inc.’s upcoming multi-tranche senior unsecured notes A+.

“Our A+ long-term issuer rating and stable outlook on Merck remain unchanged. Merck's key franchises, such as Keytruda (immuno-oncology) and Gardasil (human papillomavirus vaccine) continue to drive future growth. The company continues to make progress at diversifying its pipeline and portfolio ahead of the expected Keytruda sales decline in 2028 due to patent expiration,” S&P said in a press release.

Merck plans to use the proceeds for general corporate purposes, repay upcoming debt maturities, or partially fund its planned $10.8 billion acquisition of Prometheus Biosciences Inc., expected to close in the second half of 2023. “The proposed debt issuance is neutral to its adjusted net leverage,” the agency said.

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