...November 13, 2024 BOSTON (S&P Global Ratings) Nov. 13, 2024--S&P Global Ratings today assigned its '###' issue-level rating to U.S.-based medical device manufacturer Zimmer Biomet Holdings Inc.'s announced senior unsecured notes (amount to be determined). We expect the company will use the net proceeds from these notes for general corporate purposes, which may include repaying debt (including a portion of its $850 million 1.450% senior notes due 2024), funding share repurchases, or financing capital commitments or future acquisitions. Our '###' 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 intellectual property, and the high barriers to entry in its industry. These key strengths are partially offset by the company's concentration in hip and knee products (about 68% of 2023 revenue), exposure to technological...
