S&P puts Kantar on watch

S&P said it placed Kantar Global Holdings Sarl’s ratings on CreditWatch with negative implications.

The CreditWatch placement follows Kantar's announcement it agreed to acquire Numerator from Vista Equity Partners, S&P said.

“We expect the exact value of the transaction and financing details to be confirmed in the coming weeks or months. We understand that it will be financed with a mix of debt, equity from Kantar's shareholders Bain Capital and WPP, and cash on its balance sheet,” the agency said in a press release.

“We expect to resolve the CreditWatch over the next three-to-six months after we evaluate the recovery of Kantar's operating performance and its S&P Global Ratings-adjusted leverage and cash flow generation, on a stand-alone basis, in first-half 2021 and assess the impact of the Numerator acquisition on its business profile and capital structure,” S&P said.

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