Peer Holding B.V., parent of Netherlands-based nonfood discounter Action Holding B.V. (Action), announced that it intends to pay a €500 million shareholder dividend financed by issuing a €475 million term loan. We believe Action's credit metrics remain commensurate with the current rating and with our assessment of the group's financial policy. We are therefore affirming our 'B+' long-term issuer credit and issue ratings on Peer Holding and its debt. The outlook is stable reflecting our view that Action will continue to successfully implement its expansion strategy, resulting in sales and profit growth. On Nov. 23, 2016, S&P Global Ratings affirmed its 'B+' long-term corporate credit rating on Peer Holding B.V., the parent of Netherlands-based discounter Action Holding B.V. (Action). The
