S&P rates GLP securities BB

S&P said it gave a BB long-term issue rating to a planned offering of dollar-denominated perpetual securities by GLP Pte. Ltd. The issuance is under the company's $5 billion multicurrency medium-term note program.

“We rate the proposed perpetuals two notches below the issuer credit rating of GLP. This reflects the subordination of the securities and the company's ability to voluntarily defer coupon payment,” S&P said in a press release.

GLP is expected to use the proceeds to refinance debt.

The outlook is stable.

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