Key Rating Drivers
Improved Liquidity Buffer: GLP had short-term borrowings of USD4.3 billion as of end-June 2024 (end-2023: USD4.9 billion). Excluding secured loans and revolving credit facilities (RCFs) that can be rolled over, we estimate that around USD2.3 billion of the short-term debt, including USD1.3 billion of bonds, can be repaid using liquidity on hand and proceeds from asset monetisation.
GLP had available liquidity of USD2.0 billion as of end-June 2024, including readily available cash of USD1.4 billion and USD560 million in committed undrawn facilities. It subsequently secured USD500 million in additional committed RCFs, bolstering its liquidity buffer. We believe this, together with net proceeds receivable totalling USD2.9 billion from already-signed asset monetisation and stake sales, ensures the company has sufficient liquidity to cover debt maturities through 2025.