S&P gives B+ to IMS Health notes

Standard & Poor’s said it assigned its B+ issue-level rating and 5 recovery rating to IMS Health Inc.’s €275 million senior unsecured notes.

The notes, with an eight-year maturity, will fund the company’s acquisition of Cegedim. The recovery rating on this debt is 5, indicating an expectation of modest (10% to 30%, at the high end of the range) recovery in a payment default.

S&P said the BB- corporate credit rating on IMS Health reflects the company’s leading position as a provider of critical information to the health care market, offset by its narrow focus in providing information primarily to that market.

The outlook is stable.

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