U.S.-Based Roper Technologies Inc.'s $600 Million Senior Unsecured Notes Rated 'BBB+'

NEW YORK (S&P Global Ratings) June 8, 2020--S&P Global Ratings today assigned its 'BBB+' issue-level rating to Sarasota, Fla.-based software and industrial products firm Roper Technologies Inc.'s $600 million senior unsecured notes due 2030. The company intends to use the proceeds from these notes for general corporate purposes including acquisitions and to refinance its upcoming maturities in 2020. Given its focus on niche software businesses, Roper has an asset-light business model with strong profitability and good free cash flow generation. For the 12 months ended March 31, 2020, the company had sales of about $5.4 billion and adjusted debt to EBITDA of about 2.2x. ISSUE RATINGS--SUBORDINATION RISK ANALYSIS Capital structure Roper's capital structure primarily comprises senior unsecured debt issued at

...June 8, 2020 NEW YORK (S&P Global Ratings) June 8, 2020--S&P Global Ratings today assigned its '###+' issue-level rating to Sarasota, Fla.-based software and industrial products firm Roper Technologies Inc.'s $600 million senior unsecured notes due 2030. The company intends to use the proceeds from these notes for general corporate purposes including acquisitions and to refinance its upcoming maturities in 2020. Given its focus on niche software businesses, Roper has an asset-light business model with strong profitability and good free cash flow generation. For the 12 months ended March 31, 2020, the company had sales of about $5.4 billion and adjusted debt to EBITDA of about 2.2x. ISSUE RATINGS--SUBORDINATION RISK ANALYSIS Capital structure - Roper's capital structure primarily comprises senior unsecured debt issued at the parent level. Analytical conclusions - We rate the company's unsecured debt '###+', the same level as our issuer credit rating, because no significant elements of subordination...

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