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S&P eyes GCP for upgrade
S&P said it placed its ratings for GCP Applied Technologies Inc., including the BBB- senior secured rating, on CreditWatch with positive implications.
The placement follows Compagnie Saint-Gobain SA's announcement that it agreed to acquire GCP for about $2.3 billion, S&P said.
“We expect the transaction to close in the second half of 2022. At that time, we will likely raise our rating on GCP, to equalize it with our rating on Saint-Gobain, and then withdraw all of our ratings on the company assuming its debt has been fully repaid,” the agency said in a press release.
S&P said it plans to resolve the CreditWatch following the completion of the transaction.
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