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S&P rates JAB bond BBB
Standard & Poor’s said it assigned a BBB long-term corporate credit rating to JAB Holding Co. Sarl.
The agency also said it assigned a rating of BBB to the proposed benchmark-size bond to be issued by JAB Holdings BV and guaranteed by JAB.
The outlook is stable.
The ratings reflect JAB’s strong portfolio quality; the company owns an 11% financial stake in Reckitt Benckiser, a publicly listed core asset that constitutes nearly 40% of the total portfolio value, although this proportion has declined in recent years as JAB has increased portfolio diversity, S&P said.
The stake provides considerable stable dividend income for the company, the agency said, and is highly liquid.
This liquidity is tempered by the strategic nature of the holding for the company, S&P said.
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