S&P Revises Outlook on Hologic's (HOLX) Unsecured Notes to '3'; Reflects Recent Prepayment
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Standard & Poor's Ratings Services today revised the recovery rating on Hologic Inc.'s (Nasdaq: HOLX) unsecured notes to '3' from '4', indicating our expectation of meaningful (50%-70%) recovery in the event of payment default. This action reflects the prepayment of approximately $375 million of the first-lien debt. The 'BB' issue-level rating remains unchanged. The 'BB' corporate credit rating and stable outlook also remain unchanged.
Our corporate credit rating on Hologic Inc. is derived from an anchor score of 'bb-', based on our "fair" business risk and "aggressive" financial risk profile assessments for the company, and a one notch rating uplift based on a favorable comparative rating assessment, reflecting leading market positions, better than average profitability relative to peers, and strong liquidity. Hologic develops, manufacturers, and supplies diagnostic products (in particular, medical imaging equipment) and surgical products for women's health care.
Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and at www.spcapitaliq.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
Our corporate credit rating on Hologic Inc. is derived from an anchor score of 'bb-', based on our "fair" business risk and "aggressive" financial risk profile assessments for the company, and a one notch rating uplift based on a favorable comparative rating assessment, reflecting leading market positions, better than average profitability relative to peers, and strong liquidity. Hologic develops, manufacturers, and supplies diagnostic products (in particular, medical imaging equipment) and surgical products for women's health care.
RATINGS LIST
Hologic Inc.
Corporate Credit Rating BB/Stable/--
Recovery Rating Revised
To From
Hologic Inc.
Unsecured notes BB BB
Recovery rating 3 4
Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and at www.spcapitaliq.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
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