ConvaTec Healthcare B S.a.r.l. has completed its IPO and significantly reduced the amount of outstanding debt. We expect adjusted debt leverage to remain in the 3x-4x range, compared with previous levels of about 14x. We are raising the corporate rating two notches to 'BB' from 'B+', and removing the rating from CreditWatch, where we placed it with positive implications on Oct. 3, 2016. The outlook is stable. We are subsequently withdrawing the corporate credit rating. At the same time, we are assigning a 'BB' corporate credit rating to the new parent entity, ConvaTec Group PLC. The outlook is stable. We are assigning a 'BB' rating to the U.S.-dollar-denominated term loan B, $770 million U.S.-dollar-denominated term loan A, EUR546 million euro-denominated
