S&P rates Autodesk notes BBB

S&P said it assigned its BBB issue-level rating to Autodesk Inc.'s $500 million of 2.85% senior unsecured notes due in 2030.

Autodesk intends to use the proceeds to redeem the $450 million of 3.125% senior unsecured notes due in June 2020, with the remainder to be used for general corporate purposes. S&P rates the new notes the same as its long-term issuer credit rating on the company. All the other ratings on Autodesk are unchanged.

“Our BBB issuer credit rating on Autodesk reflects its good market position, very high recurring revenue, and minimal financial risk, with leverage expected below 1x in fiscal 2021,” said S&P in a press release.

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