18th Jan 2021 18:28
(Alliance News) - Moody's Investors Service has on Friday assigned a P-1 commercial paper rating to M&G PLC's proposed unlimited global commercial paper programme.
The proposed program is a multi-currency global programme for the issuance of both Euro and US commercial paper.
The P-1 commercial paper rating is based on M&G's A2 long-term issuer rating, with stable outlook, and dependent on the final terms of the programme.
Moody's said M&G's P-1 commercial paper rating is based on the group's A2 long-term issuer rating.
The P-1 commercial paper rating further reflects backup liquidity facilities that M&G has in place, Moody's noted. While the commercial paper programme is unlimited in size, Moody's said it does not anticipate that the amount outstanding under the programme would at any point exceed the extent of backup facilities in place.
M&G shares closed 1.6% lower in London on Monday at 193.20 pence each.
By Evelina Grecenko; [email protected]
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