Keurig Dr Pepper Inc.'s Proposed Senior Unsecured Notes Rated 'BBB'

NEW YORK (S&P Global Ratings) April 7, 2022--S&P Global Ratings today assigned its 'BBB' issue-level rating to Burlington, Mass.-based Keurig Dr Pepper Inc.'s (KDP) proposed senior unsecured notes, which it expects to issue in three tranches with maturities of 7, 10, and 30 years, respectively (final amounts to be determined). The notes will rank pari passu with the company's existing senior unsecured debt. We expect KDP will use the proceeds from the bond offering to partially tender various outstanding notes maturing through 2048, which will cause its pro forma S&P Global Ratings-adjusted debt to EBITDA to remain unchanged relative to fiscal year-end 2021 at 3.9x. KDP is a major beverage company in North America with a diverse portfolio of flavored

...- General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021 - Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 - Criteria | Corporates | General: Reflecting Subordination Risk In Corporate Issue Ratings, March 28, 2018 - General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017 - Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 - Criteria | Corporates | General: Corporate Methodology, Nov. 19, 2013 - General Criteria: Methodology: Industry Risk, Nov. 19, 2013 - General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 - General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities, Nov. 13, 2012...

Ratings Action