RTTNews | Jan 18, 2022 01:18PM EST

13:18 Tuesday, January 18, 2022 (RTTNews.com) - UK-based commodity seller, Unilever PLC (UL), is trading 12% on the market after rating agency Fitch said that the company's "A" credit rating might drop if its GSK asset acquisition goes through.

Unilever has placed an initial bid of $67.88 billion to acquire GlaxoSmithKline's consumer health wing, including Panadol painkillers and Sensodyne toothpaste. The agency said, "Unilever's offer... is likely to raise Unilever's debt to an extent that it would not be able to reduce to levels consistent with an 'A' rating category over 2024-2025, opening the possibility of a multi-notch downgrade into the BBB category."

The stock is currently trading at $48.06, down $6.23 or 11.48% since the previous close at $54.29. The stock opened at $49.04 in the morning. In the 52-week period, the shares ranged between $47.84 and $61.81 per share.

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