Fitch rates Zimmer Biomet BBB

Fitch said it assigned new ratings to Zimmer Biomet Holdings, Inc., including a long-term issuer default rating of BBB, and long-term ratings of BBB to the unsecured credit facilities and unsecured notes.

The long-term BBB ratings also apply to the unsecured debt at Zimmer Biomet GK and Zimmer Luxembourg II Sarl, the agency said.

“The rating rationale is supported by ZBH’s leading global market positions in its largest business lines, new product pipeline introductions and market share gains to help drive revenue growth at or above market in the forecast periods, and a solid FCF profile. The rating contemplates the expectation for gross debt/EBITDA to be at or below 3x by the end of 2021,” Fitch said in a press release.

The outlook is stable.

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