Moody's rates GSK Consumer/Haleon notes Baa1

Moody's Investors Service said it assigned a Baa1 long-term issuer rating to GSK Consumer Healthcare Holdings (no.2) Ltd. (Haleon).

Haleon is being separated from GlaxoSmithKline plc (GSK, A2 stable).

Concurrently, Moody's said it assigned a prospective Baa1 backed senior unsecured rating to the new £10 billion equivalent medium-term note program of GSK Consumer Healthcare Capital NL BV and GSK Consumer Healthcare Capital UK plc as well as Baa1 backed senior unsecured ratings to the proposed U.S. dollar notes issuance of GSK Consumer Healthcare Capital US LLC and GSK Consumer Healthcare Capital UK plc.

The outlook is stable.

“Haleon's Baa1 issuer rating reflects first and foremost its strong business profile, characterised by its comprehensive offering and leading position in the growing and resilient market for consumer healthcare products,” said Frederic Duranson, a Moody's vice president - senior analyst and lead analyst on Haleon, in a news release.

“The high opening leverage is a key constraint on the credit profile but we expect the company to focus primarily on deleveraging thanks to its solid cash generation and public commitment to do so.”

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