BOSTON (S&P Global Ratings) Aug. 8, 2024--S&P Global Ratings today assigned its 'BBB' issue-level rating to U.S.-based medical device manufacturer Zimmer Biomet Holdings Inc.'s announced senior unsecured notes due 2034 (amount to be determined). We expect the company will use the net proceeds from these notes to repay outstanding borrowings under its existing credit facilities and for other general corporate purposes, which may include repaying debt (potentially including a portion of its $850 million 1.450% senior notes due 2024), funding share repurchases, or financing capital commitments or future acquisitions. Our 'BBB' issuer credit rating on Zimmer Biomet reflects its strong competitive position in the orthopedic market, above-average profitability relative to its peers (S&P Global Ratings-adjusted EBITDA margins exceeding 30%), substantial
