Rolls-Royce PLC's Proposed Senior Unsecured Notes Rated 'BB-' (Recovery Rating: '3')

LONDON (S&P Global Ratings) Oct. 13, 2020--S&P Global Ratings said today it assigned its 'BB-' issue rating and '3' recovery rating to the proposed senior unsecured notes to be issued by Rolls-Royce PLC (BB-/Watch Neg/B). The proposed notes are on CreditWatch with negative implications as are the group's existing debt instruments. We expect Rolls-Royce to use the proceeds of its benchmark-sized bond to bolster liquidity and repay some debt maturing in the next 12 months. As the COVID-19 pandemic exacerbates economic instability, liquidity has become critical for all affected companies. Rolls-Royce's treasury team has been taking multiple actions through 2020 to bolster its liquidity position and its ability to weather short-term uncertainty. This proposed benchmark-sized issuance is part of the

...October 13, 2020 LONDON (S&P Global Ratings) Oct. 13, 2020--S&P Global Ratings said today it assigned its '##-' issue rating and '3' recovery rating to the proposed senior unsecured notes to be issued by Rolls-Royce PLC (##-/Watch Neg/B). The proposed notes are on CreditWatch with negative implications as are the group's existing debt instruments. We expect Rolls-Royce to use the proceeds of its benchmark-sized bond to bolster liquidity and repay some debt maturing in the next 12 months. As the COVID-19 pandemic exacerbates economic instability, liquidity has become critical for all affected companies. Rolls-Royce's treasury team has been taking multiple actions through 2020 to bolster its liquidity position and its ability to weather short-term uncertainty. This proposed benchmark-sized issuance is part of the recently announced ú5 billion recapitalization package. In our view, successful completion of all of the measures planned under the proposed ú5 billion recapitalization package,...

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