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Fitch rates Moody's notes BBB+
Fitch Ratings said it assigned a BBB+ rating to Moody's Corp.'s benchmark-sized senior unsecured notes.
The outlook is stable.
The proceeds will be used to fund a portion of the €3 billion purchase price of Bureau van Dijk (BvD), Fitch said.
The agency said it views the acquisition of BvD positively despite the full multiple being paid, since BvD enhances Moody's analytics business.
The acquisition provides the company with direct ownership of the attractive BvD franchise and access to BvD's comprehensive database of private company information, which can be bundled with Moody's existing product sets, Fitch explained.
Following news of the acquisition, management restated their commitment to maintaining a BBB+ rating, the agency noted.
This is corroborated by the significant amount of offshore cash-on-hand and pre-payable debt that is expected to be used to finance the acquisition, Fitch said.
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