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S&P assigns BBB to Veralto notes
S&P said it assigned its BBB issue-level rating to Veralto Corp.'s planned dollar- and euro-denominated senior unsecured notes.
“At the close of the separation, we expect Veralto will have no material secured debt or unsecured debt at its operating subsidiaries. Therefore, we believe no significant elements of subordination risk are present in the company's capital structure and rate its unsecured debt at the same level as our BBB long-term issuer credit rating,” the agency said in a statement.
Veralto intends to use the proceeds to pay a dividend to its parent Danaher Corp. in connection with Veralto's separation.
The outlook is stable.
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