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Reckitt (RKTLN; A3 Pos/ A-) S&P comments

CONSUMER STAPLES

"*S&PGRBulletin: Reckitt's Restructuring Won't Erode Performance" - bbg


  • Our concerns are not on restructuring but on 1) where' proceeds will go on business sale (long-time high grade issuer but equities are -23% YTD) and 2) NEC linked (~1000) lawsuits that' it won't be able to run away from and on which early outcomes look more unfavourable than expected.
  • Raters have always been supportive, we'd exercise caution on lack of positive near-term catalyst/drawn out timing of lawsuits.
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