Research Update: JSG Ratings Cut to 'B+' Following Proposed Pay-in-Kind Issuance; Outlook Stable Jan 05
- ID: 1781521
- January 2005
- Standard & Poors
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: New Rating
Action: Outlook: Stable
Action: On CreditWatch:Negative
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.
Product Type: Research Update
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