On Aug. 18, 2017, Nidda Healthcare Holding AG (Nidda Healthcare) published that more than 63% of the STADA Arzneimittel AG (Stada) shareholders had accepted Bain Capital and Cinven's offer of a voluntary public takeover, and will issue €3.175 billion of debt in connection with the take-private process. We view positively Nidda's large size, diversification, and track record of generating cash flow. We expect Nidda's S&P Global Ratings-adjusted leverage to remain at about 6x-7x over the next 12 months. We are assigning our preliminary 'B+' long-term corporate credit rating to Nidda BondCo GmBH (Nidda), the parent of Nidda Healthcare, the group's holding company. The stable outlook reflects our view that Nidda will continue to remain resilient and display solid operating performance
