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Fitch keeps Whitbread on watch
Fitch Ratings said it maintained Whitbread plc's long-term issuer default rating of BBB, short-term issuer default rating of F2 and senior unsecured rating of BBB on rating watch negative.
The rating watch reflects the announcement made by Whitbread on Aug. 31 that it agreed to sell Costa, its coffee chain business, to Coca-Cola Co. (A/stable) for £3.9 billion, the agency said.
Fitch said that in its view, this disposal would increase the business risk of Whitbread by reducing its scale and business diversification.
“The RWN will be resolved when the disposal is completed and management has clarified the allocation of proceeds,” the agency said in a news release.
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