Fitch plans to rate Bausch + Lomb BB-, loan BB+

Fitch Ratings said it assigned an expected BB- issuer default rating to Bausch + Lomb with a rating watch positive and an expected BB+/RR1/rating watch positive rating to the company’s $2.5 billion term loan with a rating watch positive.

The net proceeds from the offering, new term loans, recent bond issuance and the expected initial public offering will refinance Bausch Health Cos. Inc.'s existing term loans and its unsecured notes due 2025.

Fitch said it expects that it will maintain an investment-grade capitalization upon its separation from Bausch Health and transition from a secured borrowing base to unsecured.

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