The Netherlands-based Refresco Group B.V., Europe's largest private-label soft drink and fruit juice manufacturer, is proposing to issue -660 million senior secured notes to extend its current debt maturities and simplify its capital structure. We are assigning our 'BB-' long-term corporate credit rating to Refresco, as well as our 'BB-' issue rating and recovery rating of '4' to Refresco's -660 million proposed notes. The stable outlook reflects our view that Refresco will likely continue to perform resiliently, generate positive free cash flow, and maintain Standard & Poor's-adjusted debt leverage of close to 4.5x. On May 9, 2011, Standard & Poor's Ratings Services assigned its 'BB-' long-term corporate credit rating to The Netherlands-based private-label soft drink and fruit juice manufacturer Refresco...
Companies mentioned in this report are: Refresco Group B.V.
Action: New Rating
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