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S&P lowers Alliance Boots
Standard & Poor's said it lowered its long-term corporate credit rating on Alliance Boots plc to BB- from BBB, reflecting a dramatic change of financial structure for the expanded group.
The agency said that the ratings remain on CreditWatch with negative implications where they were placed on March 12, following the announcement that Kohlberg Kravis Roberts & Co. and Stefano Pessina, the executive deputy chairman of Alliance Boots, had made a friendly approach to buy the group.
The bid has since materialized and a £9.020 billion senior facilities package will part finance the acquisition, the agency added, noting that, as a result, the financial profile of the expanded Alliance Boots group stands to dramatically deteriorate and reach an extremely leveraged level.
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