Credit ratings and debt information

Current credit ratings for GKN Holdings plc are set out in the table below:

Standard & Poors Long term BBB- (negative outlook)
Moody's Long term Baa3 (stable outlook)
Fitch Long term BBB- (stable outlook)

Funding and liquidity
The Group funds its operations through a mixture of retained earnings and borrowing facilities, including bank and capital markets borrowings and leasing.

The Group’s objective is to maintain a balance between continuity of funding and flexibility through borrowing at a range of maturities. Wherever practicable, pooling, netting or concentration techniques are employed to minimise gross debt of the Group.

The table below summarises the main facilities available:

Available finance

 Issue PrincipalCouponMaturityAmount in issueCoupon date*
Unsecured Bond £350m 6.75% 2019 £350m 28 October
Unsecured Bond £450m 5.375% 2022 £450m 19 March / 19 September
 Facilities AvailableMaturity
Revolving Credit Facilities £800m 2019
European Investment Bank £48m 2019

*The coupon is paid by the company to the trustee of the bond on the date show above

Download EMTN Programme Agreement
Download Final Terms to the 5.375% 2022 Bond

At the 31 December 2016, the Group had net debt of £704 million.