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Mars Inc.'s Proposed Senior Unsecured Notes Rated 'A', Deemed Leverage Neutral

Published Jul 13, 2020

3 pages (1372 words) — Published Jul 13, 2020

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About This Report

Abstract:

SAN FRANCISCO (S&P Global Ratings) July 13, 2020--S&P Global Ratings today assigned its 'A' rating to Mars Incorporated's proposed senior unsecured notes. The company plans to use the proceeds to repay outstanding borrowings under its multicurrency revolving credit facility and/or its term loans. We view this transaction as net leverage neutral. As of March 11, 2020, the company reported roughly $18 billion of debt outstanding. Mars' capital structure comprises about $18 billion of unsecured debt in various instruments. Subsidiary Wm. Wrigley Jr. Co. issued $900 million of the debt outstanding. We expect the company to repay the Wrigley notes as they mature (final maturity in October 2020) and believe Mars will not use Wrigley as a financing entity going forward.

Brief Excerpt:

...- General Criteria: Group Rating Methodology, July 1, 2019 - Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 - Criteria | Corporates | General: Reflecting Subordination Risk In Corporate Issue Ratings, March 28, 2018 - Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 - Criteria | Corporates | General: Corporate Methodology, Nov. 19, 2013...

Report Type:

Ratings Action

Issuer

Mars Inc.

GICS

Packaged Foods & Meats (30202030)

Sector

Global Issuers

Country

United States

Region

United States

Format:

PDF

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Mars Inc.'s Proposed Senior Unsecured Notes Rated 'A', Deemed Leverage Neutral" Jul 13, 2020. Alacra Store. May 02, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Mars-Inc-s-Proposed-Senior-Unsecured-Notes-Rated-A-Deemed-Leverage-Neutral-2476983>

APA:	S&P Global Ratings’ Credit Research. (). Mars Inc.'s Proposed Senior Unsecured Notes Rated 'A', Deemed Leverage Neutral Jul 13, 2020. New York, NY: Alacra Store. Retrieved May 02, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Mars-Inc-s-Proposed-Senior-Unsecured-Notes-Rated-A-Deemed-Leverage-Neutral-2476983>

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