S&P rates Kerry notes BBB+

S&P said it assigned its BBB+ issue rating to Kerry Group Financial Services’ proposed senior notes.

Proceeds are expected to be used to repay an upcoming maturity of private-placement debt, a revolving credit facility drawing made in first-half 2019 to finance bolt-on acquisitions, and the remainder for general corporate purposes.

Kerry Group, the issuer’s parent, will unconditionally guarantee the debt.

The outlook is stable.

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