Bulletin: Belgium-Based Investment Holding Company GBL Sells Assets, Keeping Its LTV Below Our 20% Ceiling

This report does not constitute a rating action. MILAN (S&P Global Ratings) June 24, 2022--S&P Global Ratings today said that the share sale of Norway-based seafood company Mowi is helping Belgium-based investment holding company Groupe Bruxelles Lambert S.A. (GBL; A+/Stable/--) to preserve its pro forma loan-to-value (LTV) ratio, calculated with values as of March 31, 2022, just below our rating ceiling of 20%. The group?s pro forma LTV ratio, absent the announced deal, has been increasing and was slightly above 20% as of March 31, 2022. This is mainly due to the planned acquisitions of Sanoptis and Affidea for up to €1.8 billion. Nevertheless, we note that further disposals are likely needed to regain some rating headroom, given the current

...MILAN (S&P Global Ratings) June 24, 2022--S&P Global Ratings today said that the share sale of Norway-based seafood company Mowi is helping Belgium-based investment holding company Groupe Bruxelles Lambert S.A. (GBL; A+/Stable/--) to preserve its pro forma loan-to-value (LTV) ratio, calculated with values as of March 31, 2022, just below our rating ceiling of 20%. The group's pro forma LTV ratio, absent the announced deal, has been increasing and was slightly above 20% as of March 31, 2022. This is mainly due to the planned acquisitions of Sanoptis and Affidea for up to 1.8 billion. Nevertheless, we note that further disposals are likely needed to regain some rating headroom, given the current volatile and challenging macroeconomic environment. GBL recently closed the sale of 18.1 million shares of Norway-based seafood company, Mowi, equivalent to 3.5% of GBL's share capital, for nearly 0.4 billion, generating nearly 0.1 billion in capital gains. As a result, GBL now owns about 3.5% of...

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