S&P rates Prosus notes BBB-

S&P said it assigned its BBB- long-term issue rating to Prosus NV’s $1.5 billion of 3.832% senior unsecured notes due 2051 and its €350 million of 1.539% senior unsecured notes due 2028 (to be consolidated into a single series with the outstanding €500 million, 1.539% notes due 2028) issued on Aug. 3, and its €250 million, 2.031% senior unsecured notes due 2032.

These were issued under the company’s $6 billion global medium-term note program, which S&P rates BBB-. “The BBB- issue rating on the notes is in line with the issuer credit rating on Prosus, because no significant elements of subordination risk are present in the capital structure, and the holding company has a low level of debt,” S&P said in a press release.

Prosus intends to use the proceeds to bolster liquidity and general corporate purposes, which may include future acquisitions.

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