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S&P gives BBB- to Solventum notes
S&P said it assigned its BBB- issue-level rating to Solventum Corp.'s planned about $7 billion of senior unsecured notes, which it is issuing in various series.
The company is selling the notes in connection with its planned spin-off from 3M Co. The notes will initially be guaranteed by 3M; however, the guarantee will fall away when the spin-off is completed. “Therefore, we do not reflect 3M's guarantee in our rating,” S&P said in a press release.
Solventum will use the proceeds to fund a one-time payment to 3M, as well as for general corporate purposes.
The outlook is stable.
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