S&P assigns AA to L’Oreal notes

S&P said it assigned its AA issue rating to the €2 billion in notes L'Oreal SA plans to issue under its new €5 billion Euro medium-term note program.

The offering will comprise two tranches amounting to €1 billion each.

The proceeds will be used to help fund the acquisition of Aesop signed on April 3, for $2.54 billion, and to cover related transaction fees.

“Given the company's ample rating headroom and the limited size of the proposed issuance, we view the transaction as credit neutral,” S&P said in a statement.

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