S&P rates Stryker notes A+

Standard & Poor's said it assigned its A+ issue-level rating to Stryker Corp.'s new $750 million senior unsecured notes due 2025.

Stryker’s corporate credit rating is A+ and the outlook is stable.

The company plans to use the proceeds to repay $200 million of existing commercial paper and for general corporate purposes.

S&P said it expects adjusted net debt leverage to initially increase to 1.1 times from 0.9 times (including about $700 million of remaining legal reserves as debt, as of Sept 30, 2015) and to decline modestly as the company pays down its product liability settlement. This remains consistent with the agency’s assessment of the company's financial risk as "minimal".

© 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.