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S&P rates Haleon, notes BBB
S&P said it assigned BBB ratings to Haleon plc and its equivalent £9.275 billion of bond issuances, including bonds worth $8.75 billion, €2.35 million and £700 million. Haleon also has a £1.5 billion term loan facility.
On Monday, GSK plc completed its demerger of its consumer healthcare business transferring it to Haleon.
“Haleon's sales are well-diversified globally and it has a strong presence in emerging markets, which comprise about one-third of total sales. In our view, this offers it significant growth potential in the consumer health space. Although the diversity of the product portfolio and its wide geographical presence is a strength, each of the three business segments is relatively distinct. Management needs to pay close attention to the specific local market needs of each of the three OTC product segments,” S&P said in a press release.
The stable outlook indicates that Haleon will be able to deliver strong cash flows and lower its S&P Global Ratings-adjusted debt to EBITDA toward 3x by year-end 2024, the agency said.
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