Reynolds Group Affirmed At 'B+' On Acquisition Of Graham Packaging; Graham Upgraded To 'B+'; Various Issue Actions Taken Sep 11

Standard & Poors, September 2011

Abstract
New Zealand-based packaging producer Reynolds Group Holdings Ltd. has acquired rigid plastic container producer Graham Packaging Co. Inc. in a debt-financed transaction for about $5 billion including assumed debt and related fees and expenses. We are affirming our 'B+' corporate credit rating on Reynolds and taking various rating actions on its debt. We are raising our corporate credit rating on Graham to 'B+' from 'B' and taking various actions on its debt. The negative outlooks on the companies indicate that we could lower the ratings if Reynolds does not achieve targeted acquisition synergies and somewhat reduce its currently very aggressive debt leverage or if liquidity deteriorates. NEW YORK (Standard & Poor's) Sept. 13, 2011--Standard & Poor's Ratings Services said today...

Companies mentioned in this report are:
- Reynolds Group Holdings Ltd.
- Pactiv Corp.
- Beverage Packaging Holdings (Luxembourg) II S.A.
- Beverage Packaging Holdings (Luxembourg) I S.A.
- Reynolds Group Issuer (Luxembourg) S.A.
- Reynolds Consumer Products Holdings Inc
- Reynolds Group Issuer Inc.
- Reynolds Group Issuer LLC
- Reynolds Group Holdings Inc.
- Sig Euro Holding AG & Co. KGAA
- Sig Austria Holding GMBH

Action: Downgraded

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.

- Reynolds Group Holdings Ltd.
- Pactiv Corp.
- Beverage Packaging Holdings (Luxembourg) II S.A.
- Beverage Packaging Holdings (Luxembourg) I S.A.
- Reynolds Group Issuer (Luxembourg) S.A.
- Reynolds Consumer Products Holdings Inc
- Reynolds Group Issuer Inc.
- Reynolds Group Issuer LLC
- Reynolds Group Holdings Inc.
- Sig Euro Holding AG & Co. KGAA
- Sig Austria Holding GMBH

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