Bulletin: Keurig Dr Pepper Inc. Is On Track To Delever To The Mid-4x Area By Year-End

NEW YORK (S&P Global Ratings) May 10, 2019--S&P Global Ratings said today that Keurig Dr Pepper Inc. (BBB/Stable/A-2) operating results for the first fiscal quarter ended March 31, 2019, were in line with our expectations and started off the year on track to meet S&P Global Ratings' forecast, which includes debt to EBITDA in the mid-4x area by year-end 2019. We estimate its pro forma leverage declined to 5.2x for the trailing months ended March 31, 2019 (including $595 million of structured payables) compared with pro forma 5.4x at year-end 2018 and 5.8x at the close of the transaction in July 2018. The company deleveraged through a combination of EBITDA growth and paying down debt. Keurig Dr Pepper (KDP) EBITDA

...May 10, 2019 NEW YORK (S&P Global Ratings) May 10, 2019--S&P Global Ratings said today that Keurig Dr Pepper Inc. (###/Stable/A-2) operating results for the first fiscal quarter ended March 31, 2019, were in line with our expectations and started off the year on track to meet S&P Global Ratings' forecast, which includes debt to EBITDA in the mid-4x area by year-end 2019. We estimate its pro forma leverage declined to 5.2x for the trailing months ended March 31, 2019 (including $595 million of structured payables) compared with pro forma 5.4x at year-end 2018 and 5.8x at the close of the transaction in July 2018. The company deleveraged through a combination of EBITDA growth and paying down debt. Keurig Dr Pepper (KDP) EBITDA margins, pro forma for the transaction, increased an estimated 130 basis points in the quarter year over year because of productivity improvements and synergies. The company is on track to achieve our forecast of reaching an almost 30% margin in 2019 compared with pro...

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