Unilever has been warned that buying GlaxoSmithKline’s consumer products arm is likely to substantially swell its debt pile and could trigger a “multi-notch downgrade” to its credit rating.
Ratings agency Fitch said Unilever would not be able to keep hold of its current A rating with a stable outlook beyond 2024-2025, and would be cut to BBB, if it were to acquire GSK’s consumer products division or another large business.
