- Published: August 2009
Research Update: France-Based Packaging Group Verallia Preliminary 'BBB-' Ratings Withdrawn On Postponement Of IPO Oct 11
- Published: October 2011
- Standard & Poors
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.
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
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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