S&P rates Zimmer Biomet notes BBB

S&P said it assigned its BBB issue-level rating to Zimmer Biomet Holdings Inc.'s announced offering of euro-denominated senior unsecured notes, to be issued in two tranches, maturing in 2022 and 2026.

The company will use the proceeds to repay its 4.625% senior notes due 2019, 3.55% senior notes due 2025, 4.25% senior notes due 2035, 5.75% senior notes due 2039 and 4.45% senior notes due 2045, as well as for general corporate purposes.

The transaction does not affect Zimmer Biomet’s BBB corporate credit rating, senior unsecured debt ratings or the stable outlook, as the agency expects the transaction to be essentially leverage neutral.

The company’s BBB corporate credit rating reflects Moody’s assessment of the company's business risk as strong and the financial risk profile as significant.

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