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S&P upgrades JAB Holding
S&P said it raised the long-term issuer credit rating on JAB Holding Co. Sarl to A- from BBB+.
The outlook is stable.
The agency also said it raised the long-term issue credit rating on the senior unsecured debt issued by JAB Holdings BV to A- from BBB+.
S&P also said it removed both ratings from CreditWatch, where they were placed with positive implications in January.
The agency said it upgraded JAB given the view that its portfolio has materially improved following the closing of the Dr. Pepper reverse takeover, which resulted in the merger of unlisted Keurig Green Mountain Inc. and Dr. Pepper Snapple Group Inc. into listed Keurig Dr. Pepper Inc.
The transaction increased the share of listed assets in JAB's portfolio to about 60% from about 35% previously – a factor that previously constrained the rating, S&P said.
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