Belgium-Based Investment Holding Company Groupe Bruxelles Lambert Rated 'A+'; Outlook Stable

Groupe Bruxelles Lambert SA (GBL) is a large European investment holding company, with an S&P Global Ratings-adjusted portfolio value of €19.9 billion at end-June 2020. The portfolio primarily comprises shareholding stakes in large, listed, highly rated, and cash-generative companies, including Adidas, Pernod Ricard, and SGS, which together account for about 46% of the total adjusted portfolio value. GBL is a long-term and engaged investor, with a record of frequently rotating assets and applying rigorous scrutiny to its portfolio composition. We expect that GBL will continue to actively manage its stakes and consider new investment opportunities. We consider the company's financial policy conservative and note that, as of midyear, its S&P Global Ratings-adjusted loan-to-value (LTV) ratio stood at 11.9%. This is

...September 28, 2020 - Groupe Bruxelles Lambert SA (GBL) is a large European investment holding company, with an S&P Global Ratings-adjusted portfolio value of 19.9 billion at end-June 2020. - The portfolio primarily comprises shareholding stakes in large, listed, highly rated, and cash-generative companies, including Adidas, Pernod Ricard, and SGS, which together account for about 46% of the total adjusted portfolio value. - GBL is a long-term and engaged investor, with a record of frequently rotating assets and applying rigorous scrutiny to its portfolio composition. We expect that GBL will continue to actively manage its stakes and consider new investment opportunities. - We consider the company's financial policy conservative and note that, as of midyear, its S&P Global Ratings-adjusted loan-to-value (LTV) ratio stood at 11.9%. This is up from 7.7% at year-end 2019, primarily due to European equity markets not having fully recovered to pre-COVID-19 levels and GBL increasing its investment...

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