S&P gives Target notes A

S&P said it assigned its A issue-level rating to Target Corp.’s proposed senior unsecured notes due 2030.

“We expect the transaction to be leverage neutral because the company plans to use the net proceeds (expected to be in the $500 million-$1 billion range) from these notes to repay $1 billion of its existing July 2020 notes later this month. Pro forma for the transaction, we expect Target’s S&P-adjusted debt leverage to remain unchanged at about 1.8x,” said S&P in a press release.

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