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S&P affirms GKN Holdings
S&P said it affirmed its BBB- long-term issuer credit rating on GKN Holdings plc and removed it from CreditWatch, where we placed it with negative implications on March 6, 2018.
The outlook is negative.
At the same time, S&P is keeping its BBB- issue ratings, which relate to the unsecured bonds maturing in 2019, 2022, and 2032, on CreditWatch negative, which S&P aims to resolve by year-end.
“The ratings affirmation reflects our view of further S&P Global Ratings-adjusted leverage reduction through the initial lump sum contribution of £150 million to GKN's pension schemes (£56 million in 2018 and £94 million in the first half of 2019), in addition to further planned contributions dependent on the successful sale of the powder metallurgy business, while execution risks remain,” S&P said in a news release.
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