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S&P rates Chiron convertibles
Standard & Poor's said it assigned its A- senior unsecured debt rating to Chiron Corp.'s recently issued $385 million 2¾% senior unsecured convertible debentures due June 30, 2034 and affirmed the A- corporate credit and senior unsecured debt ratings on Chiron.
The outlook is negative.
S&P said the strong investment-grade ratings reflect the company's diverse and growing product portfolio, conservative financial policies and its imputed support from an AAA rated investor, Swiss pharmaceutical giant Novartis AG, which holds a 42% stake. These factors are slightly offset by the lack of significant product prospects in Chiron's late-stage development pipeline and the company's lack of major market-leading products.
Total debt to EBITDA is estimated at 1.1x. Potential financial support may, if needed, be provided by Chiron's largest shareholder, Novartis.
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