S&P rates Autodesk notes BBB

S&P said it assigned its BBB issue-level rating to Autodesk Inc.'s proposed unsecured notes. The rating is the same as the ratings on the company and on its existing unsecured debt, and reflects no meaningful contractual or structural subordination.

The company intends to use the proceeds to redeem the $400 million 1.95% notes due 2017.

S&P said its BBB corporate credit rating on Autodesk reflects its good market position, very high recurring revenue, and minimal financial risk due to a high cash balance relative to debt. Partly offsetting these factors are risks associated with its transition to subscription pricing and exposure to cyclical construction and manufacturing end markets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.