S&P gives Procter & Gamble notes AA-

S&P said it assigned its AA- issue-level rating to Procter & Gamble Co.'s proposed senior unsecured notes.

The notes will rank pari passu with the company's senior unsecured debt. “We expect the transaction to modestly improve the company's already solid credit metrics because it will reduce its interest expense. Currently, P&G's adjusted debt to EBITDA is in the low-1x area and its adjusted funds from operations (FFO) to debt is above 60%,” S&P said in a press release.

The agency said it expects P&G to use the proceeds to fund all or a portion of the purchase of its tender securities, repay its commercial paper and general corporate purposes.

All of S&P’s other ratings on the company, including the AA- long-term issuer credit rating, are unchanged.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.