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S&P gives BBB- to Royalty Pharma loan
S&P said it assigned a BBB- issue-level rating to RPI Finance Trust's (doing business as Royalty Pharma) proposed term loan A and term loan B.
S&P also affirmed all its ratings on the company, including the ratings on the secured debt.
The company plans to issue $1 billion in debt if it succeeds in acquiring the royalty rights of Keytruda.
“The outlook remains stable, reflecting our expectation that operating cash flow to debt will remain between 15% and 25%, given the continued relatively high visibility of its cash flow from a portfolio of long-life royalty streams,” S&P said in a news release.
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