Current credit ratings for GKN Holdings plc are set out in the table below:
|Standard & Poors||Long term||BBB-||(stable 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:
|Issue Principal||Coupon||Maturity||Amount in issue||Coupon date*|
|Unsecured Bond||£350m||6.75%||2019||£350m||28 October|
|Unsecured Bond||£450m||5.375%||2022||£450m||19 March / 19 September|
|Unsecured Bond||£300m||3.375%||2032||£300m||12 May|
|Revolving Credit Facilities||£800m||2019|
|European Investment Bank||£32m||2019|
*The coupon is paid by the company to the trustee of the bond on the date show above
At the 30 June 2017, the Group had net debt of £697 million.