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S&P rates Ortho-Clinical notes CCC
S&P said it assigned its CCC issue-level and 6 recovery ratings to the proposed senior unsecured notes that will be co-issued by Ortho-Clinical Diagnostics Bermuda Co. Ltd.’s subsidiaries Ortho-Clinical Diagnostics SA and Ortho-Clinical Diagnostics Inc. The 6 recovery rating indicates S&P’s expectation for negligible (0%-10%; rounded estimate: 5%) recovery in the event of a payment default.
Ortho-Clinical will use the proceeds to refinance its remaining senior unsecured notes due 2022 and provide added liquidity.
“Our ratings on the company’s existing debt are unchanged,” S&P said in a press release.
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