S&P rates Grainger bond BB+

Standard & Poor's said it assigned its BB long-term corporate credit rating to Grainger plc. The outlook is stable.

At the same time, S&P assigned a BB+ issue rating to the proposed £200 million senior secured notes to be issued by Grainger. The recovery rating on the notes is 2, indicating an expectation of substantial (70%-90%) recovery in the event of a payment default.

The ratings on Grainger reflect S&P's assessment of the group's "satisfactory" business risk profile and "aggressive" financial risk profile.

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