Moody’s rates Zimmer Biomet notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Zimmer Biomet Holdings, Inc.'s proposed offering of three- and five-year senior unsecured notes.

Proceeds, together with borrowings under the company's senior unsecured credit facility (unrated) will be used to repay the $1.15 billion senior notes due April 1, 2018.

The outlook remains stable.

Moody’s said the offering is considered a credit positive as it is leverage neutral and extends the company's debt maturity profile.

The Baa3 rating reflects Zimmer Biomet’s position as the largest standalone orthopedic company in the reconstructive market with revenues of $7.8 billion, the agency added.

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