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Ardagh Packaging Finance PLC Proposed ?200 Mil. Senior Unsecured Notes Rated 'B-', Recovery Rating '6' Feb 11
Standard & Poors, Feb 2011
Abstract
Ardagh Packaging Finance PLC, a finance subsidiary of Ireland-based glass-container manufacturer Ardagh Packaging Group PLC, is set to issue -200 million senior unsecured notes due 2020. The proposed notes, if issued, will constitute a tap on the existing -275 million 9.25% senior notes issued in October 2010. We are assigning our 'B-' issue rating to the proposed notes, along with a recovery rating of '6', indicating our expectation of negligible (0%-10%) recovery in the event of payment default. Our issue and recovery ratings reflect our valuation of the group as a going concern, underpinned by our view of the group's strong market positions and its well-diversified customer base. LONDON (Standard & Poor's) Feb. 1, 2011--Standard & Poor's Ratings Services said...
Companies mentioned in this report are: Ardagh Packaging Finance PLC,Ardagh Packaging Group PLC
Action: New Rating
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.
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