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Research Update: JSG Ratings Cut to 'B+' Following Proposed Pay-in-Kind Issuance; Outlook Stable Jan 05

  • ID: 1781521
  • January 2005
  • Standard & Poors

FEATURED COMPANIES

  • Smurfit Kappa Funding PLC
  • Smurfit Kappa Group Ltd.
  • MORE

Abstract
On Jan. 13, 2005, Standard & Poor's Ratings Services lowered its long-term corporate credit ratings on Ireland-based paper and packaging company JSG Packaging Ltd. and related entities in the Jefferson Smurfit Group (JSG) to 'B+' from 'BB-', following the group's announcement of a proposed €300 million ($397 million) pay-in-kind (PIK) issuance. The outlook is stable. At the same time, Standard & Poor's lowered its senior unsecured debt rating on JSG-related entities to 'B-' from 'B'. Standard & Poor's also assigned its 'B-' long-term rating to the proposed €300 million PIK junior subordinated notes to be issued by JSG Holdings PLC and to the proposed €370 million subordinated notes to be issued by JSG Funding PLC, two holding companies within the...

Companies mentioned in this report are:
- Smurfit Kappa Group Ltd.
- Smurfit Kappa Packaging Ltd.
- Smurfit Kappa Treasury Funding Ltd.
- Smurfit Kappa Funding PLC
- Smurfit Kappa Acquisitions
- Smurfit Kappa Holdings PLC

Action: Downgraded
Action: New Rating
Action: Outlook: Stable
Action: On CreditWatch:Negative

Standard and Poors RatingsXpress Credit READ MORE >

Note: Product cover images may vary from those shown

- Smurfit Kappa Group Ltd.
- Smurfit Kappa Packaging Ltd.
- Smurfit Kappa Treasury Funding Ltd.
- Smurfit Kappa Funding PLC
- Smurfit Kappa Acquisitions
- Smurfit Kappa Holdings PLC

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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