S&P puts Ortho Clinical on positive watch

S&P said it placed its Ortho Clinical Diagnostics Holdings plc’s ratings on CreditWatch with positive implications after it agreed to be acquired by unrated Quidel Corp. for about $6 billion.

“Based on public statements by Quidel and supported by the company's longstanding conservative financial policies, we expect the combined entity to generate adjusted debt to EBITDA below 5x for a sustained period, which is likely to result in an upgrade,” S&P said in a press release.

The agency said it plans to resolve the CreditWatch once the deal closes, which is expected in the first half.

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