S&P assigns BBB to Sandoz notes

S&P said it assigned a BBB issue rating to CHF 750 million of senior unsecured bonds issued by Sandoz Group AG. The issuance is a dual-tranche transaction with the first maturity in 2026 and the second in 2031.

Sandoz’s BBB ratings are unchanged.

Sandoz plans to use the proceeds to refinance its bridge loan facility and for general corporate purposes.

“Our base-case assumptions for Sandoz are unaffected by the new issuance. We continue to expect the S&P Global Ratings-adjusted leverage to remain near 2.6x in 2023, before gradually reducing toward 2.0x in 2024. The improvement stems from the strong growth of the group's biosimilars segment, on the back of robust performance in the first nine months of 2023,” S&P said in a press release.

The outlook is stable.

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