S&P rates Procter & Gamble notes AA-

S&P said it assigned its AA- issue-level rating to Procter & Gamble Co.'s senior unsecured euro notes, of which the amounts and maturity dates will be finalized at transaction closing.

The agency said it expects Procter & Gamble to use the net proceeds to fund its pending acquisition of Merck KGaA's over-the-counter assets, for shareholder distributions and for general corporate purposes.

“We expect the transaction will have an immaterial impact on P&G's credit ratios, which include adjusted debt to EBITDA in the 1.7x area and adjusted funds from operations (FFO) to debt in the mid-40% area,” S&P said in a news release.

© 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.