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CONSUMER STAPLES: JAB Group; S&P moves to watch negative

CONSUMER STAPLES
Credit BulletsCEEMEANetherlandsEurozoneBullet

(JABHOL; Baa1 Stable, BBB+ Watch Neg)

We flagged this was likely last week. Its on the acquisition of a life insurer (undisclosed amount) but S&P's concern is the share of public assets which it wants at 70% (was at 55%). JAB needs to delever which is unlikely to help it reach that threshold but equally it has few private companies in the pipeline to IPO.

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(JABHOL; Baa1 Stable, BBB+ Watch Neg)

We flagged this was likely last week. Its on the acquisition of a life insurer (undisclosed amount) but S&P's concern is the share of public assets which it wants at 70% (was at 55%). JAB needs to delever which is unlikely to help it reach that threshold but equally it has few private companies in the pipeline to IPO.