Platinum Equity has formed Cortes NP Acquisition Corp. (d/b/a Vertiv) to facilitate its acquisition of Emerson Electric Co.'s Network Power segment for $4 billion announced Aug. 2, 2016. We assigned our 'B+' corporate credit rating to Cortes NP Acquisition Corp. At the same time, we assigned our 'B+' issue-level rating and '3' recovery rating to Cortes' proposed $2.285 billion first-lien term loan. The stable outlook reflects our expectation that the company's credit metrics will modestly improve, including debt to EBITDA approaching 5x, over the next 12 months through a combination of low organic growth and modestly improved margins. On Sept. 16, 2016, S&P Global Ratings assigned its 'B+' corporate credit rating to Columbus, Ohio-based Cortes NP Acquisition Corp. (d/b/a Vertiv).
