Mondi Finance ?1.5 Bil. EMTN Program Rated 'BB+'; Recovery Rating On ?500 Mil. Unsecured Notes Revised To '3'
- ID: 1714287
- April 2011
- Standard & Poors
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Research type: News
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LONDON (Standard & Poor's) April 26, 2011--Standard & Poor's Ratings Services said today that it assigned an issue rating of 'BB+' to the -1.5 billion Euro Medium-Term Note (EMTN) program issued by Mondi Finance PLC, a fully owned finance subsidiary of South Africa-based paper and packaging producer Mondi Group (Mondi). At the same time, we revised the recovery rating to '3' from '4' on the -500 million senior unsecured notes due 2017 issued by Mondi Finance under the -1.5 billion EMTN program. The recovery rating of '3' indicates our expectation of meaningful (50%-70%) recovery in the event of a payment default. The issue rating on the senior unsecured notes is unchanged at 'BB+', in line with the corporate credit rating...
Companies mentioned in this report are: Mondi Finance PLC
Action: New Rating