S&P Global Ratings on Dec. 21 withdrew its corporate credit rating on LinkedIn Corp. because the company is now a wholly owned unit of Microsoft Corp.
LinkedIn was also removed from CreditWatch with positive implications. The ratings outlook is stable. The agency also withdrew the recovery rating on LinkedIn's senior unsecured debt after the closing of the acquisition.
Prior to this action, the agency raised its unsolicited ratings on LinkedIn, including the corporate credit rating, and the issue-level rating of its about $1.32 billion 0.5% convertible senior notes due 2019 to AAA from BB+. Microsoft has offered to purchase the senior notes before Dec. 28.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.