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Research Update: France-Based Packaging Group Verallia Preliminary 'BBB-' Ratings Withdrawn On Postponement Of IPO Oct 11 Product Image

Research Update: France-Based Packaging Group Verallia Preliminary 'BBB-' Ratings Withdrawn On Postponement Of IPO Oct 11

  • Published: October 2011
  • Standard & Poors

FEATURED COMPANIES

Abstract
On Oct. 3, 2011, Standard & Poor's Ratings Services withdrew its preliminary 'BBB-' long-term corporate credit rating and preliminary 'BBB-' issue-level ratings on France-based packaging group Verallia S.A., a division of the Compagnie de Saint-Gobain group (Saint-Gobain; BBB/Stable/A-2). The preliminary ratings were based on preliminary information and subject to a successful IPO of less than 50% of Saint-Gobain's stake in Verallia. We are withdrawing the ratings because we believe that a successful IPO of Verallia is unlikely to occur before our preliminary ratings expire on Oct. 20, 2011, due to unfavorable equity market conditions. We understand, however, that the management at Saint-Gobain still intends to spin off the packaging division at some point in the future when market conditions improve....

Companies mentioned in this report are: Verallia S.A.
Action: Withdrawn

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Verallia S.A.

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