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Free AccessReckitt (RKTLN; A3 Pos, A- S) {RKT LN Equity}
Moody's affirms RKTLN at A3 Positive outlook despite Federal case overhang. € lines are bid today (-4-7bps tighter), £ lines unch.
- Moody's has left ratings and outlook unchanged at A3 Positive after a periodic review on the 22nd March 2024 (NEC blow-up was on 15th). Moody's positive take comes alongside numerous equity analyst reports that have voiced the 1) staple nature of the baby formula 2) equity sell-off vs. revenue exposure & litigation risk 3) backing from medical community - though the latter failed to sway a Jury from ruling a pay-out in the first case.
- As we have mentioned previously curve was/is priced well wide of ratings but we questioned timing on near-term catalyst to remove the overhanging risk on the direction the Federal cases will take next year - first likely catalyst we though was appeal results on the state $60m loss - seems Moody's affirmation on A3 Pos. has been enough to bring investors in.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.