MILAN (S&P Global Ratings) Oct. 22, 2020--S&P Global Ratings today assigned its 'A+' long-term issue rating to the senior unsecured notes issued by Groupe Bruxelles Lambert SA (GBL), which consist of €500 million notes 1.375% due May 23, 2024, and €500 million notes 1.875% due June 19, 2025. The rating is in line with our issuer credit rating on GBL (see "Belgium-Based Investment Holding Company Groupe Bruxelles Lambert Rated 'A+'; Outlook Stable," published Sept. 28, 2020, on RatingsDirect), because no significant elements of subordination risk are present in the capital structure, and GBL has a low level of debt. At end-June 2020, our S&P Global Ratings-adjusted loan-to-value (LTV) ratio for GBL reached 11.9% (adjusted debt includes €376 million for the
