...NEW YORK (S&P Global Ratings) March 8, 2018--S&P Global Ratings today assigned its '###' issue-level rating to Zimmer Biomet Holdings Inc.'s announced offering of senior unsecured notes, to be issued in two tranches, maturing in 2021 and 2023. The rating is the same as our ratings on the company's existing senior unsecured notes. We expect the company to use the proceeds from the note offerings, along with borrowings under its revolving credit facility, to repay its 2% $1.15 billion senior notes due in 2018. Our '###' corporate credit rating on Zimmer Biomet is unaffected and reflects our assessment of the company's business risk as strong and the financial risk profile as significant. The outlook is stable. Our assessment of Zimmer Biomet's strong business risk profile reflects its substantial scale (2017 revenues of about $7.8 billion), above-average profitability (adjusted EBITDA margins exceeding 35%), good geographic diversity, substantial intellectual property, and high barriers to...
