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Mondi Finance ?1.5 Bil. EMTN Program Rated 'BB+'; Recovery Rating On ?500 Mil. Unsecured Notes Revised To '3' Product Image

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

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Abstract
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
Action: Upgraded

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