S&P rates LafargeHolcim's hybrids BB+

S&P said it assigned its BB+ long-term issue rating to the proposed new subordinated securities to be issued by LafargeHolcim Helvetia Finance Ltd., a 100% owned and controlled finance subsidiary of Switzerland-based building materials maker LafargeHolcim Ltd., which will guarantee the proposed notes.

“We expect LafargeHolcim will exhibit a ratio of outstanding hybrids to adjusted capitalization well below the 15% threshold for us to view hybrid leverage as having intermediate equity content,” S&P said in a news release.

“The proposed issuance follows the earlier issuance proposal of Holcim Finance (Luxembourg) SA, which the group announced in May 2018 and which has not taken place so far.”

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