GCL Holdings S.C.A., the indirect parent of Italian bottle closures manufacturer Guala Closures SpA (Guala), plans to issue ?200 million in senior unsecured notes. We are assigning our preliminary 'B' long-term corporate credit rating to both GCL Holdings and Guala. We are also assigning a preliminary issue rating of 'CCC+' and a preliminary recovery rating of '6' to the ?200 million notes. The stable outlook reflects our view that Guala will benefit from greater penetration of safety closures, particularly in the emerging markets, which should translate into improved credit measures commensurate with the 'B' rating. On April 13, 2011, Standard & Poor's Ratings Services assigned its preliminary 'B' long-term corporate credit rating to both Italian bottle closures manufacturer Guala Closures...
Companies mentioned in this report are:
- GCL Holdings S.C.A.
- Guala Closures SpA
Action: New Rating
Action: Outlook: Stable
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Product Type: Research Update
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