S&P rates GE Healthcare BBB

S&P said it preliminarily rated GE Healthcare Holding LLC BBB with a stable outlook.

“Our ratings on GEHC reflect its global leadership position in a steadily growing subsector. We believe GEHC has strong revenue, significant scale (more than $18 billion of revenue expected in 2022), a vast addressable global market of over $80 billion, good product and geographic diversity, strong market share positions, and a track record of innovation supporting a steady stream of enhancements and new products,” the agency said in a press release.

“These strengths are partially offset by profitability that is below average relative to peers in the medical equipment and devices space,” the agency said.

S&P said it forecasts mid-single-digit organic revenue growth annually over the next few years, leading to adjusted debt to EBITDA in the low- to mid-3x area in 2023 and 3x to 3.75x range over the long term.

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