Bulletin: Nestle S.A. Unsecured Notes 'AA-' Ratings Unchanged Following Issuer Substitution

This report does not constitute a rating action. MILAN (S&P Global Ratings) Sept. 1, 2025--S&P Global Ratings today said that the 'AA-' ratings on the unsecured notes originally issued by Nestlé S.A. and transferred to the group's new financial vehicle, Nestlé Capital Markets SA, remain unchanged. The ratings are in line with the long-term issuer credit rating on Nestlé S.A. (AA-/Stable/A-1+), which is the guarantor of the notes. We view Switzerland-based Nestlé Capital Markets SA as a financing vehicle, the sole activity of which is to raise debt (Swiss franc [CHF]-denominated bonds) on behalf of the Nestlé group. As part of a broader reorganization of Nestlé group debt structure, Nestlé Capital Markets SA, a Switzerland incorporated company, takes over as

...September 1, 2025 This report does not constitute a rating action. MILAN (S&P Global Ratings) Sept. 1, 2025--S&P Global Ratings today said that the '##-' ratings on the unsecured notes originally issued by NestlT S.A. and transferred to the group's new financial vehicle, NestlT Capital Markets SA, remain unchanged. The ratings are in line with the long-term issuer credit rating on NestlT S.A. (##-/Stable/A-1+), which is the guarantor of the notes. We view Switzerland-based NestlT Capital Markets SA as a financing vehicle, the sole activity of which is to raise debt (Swiss franc [CHF]-denominated bonds) on behalf of the NestlT group. As part of a broader reorganization of NestlT group debt structure, NestlT Capital Markets SA, a Switzerland incorporated company, takes over as the issuer of the existing CHF-denominated bonds from Sept. 1, 2025. According to the issuer substitution agreement, NestlT Capital Markets SA is the new issuer while the original issuer, NestlT S.A., irrevocably guarantees...

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