Research Update: Schoeller Arca Systems Holding B.V. Long-Term Rating Affirmed At 'CCC', Off Watch; Outlook Negative Dec 10

Standard & Poors, December 2010

Abstract
The liquidity profile of Dutch plastic packaging maker Schoeller Arca Systems Holding B.V. (SAS) has stabilized following its success in securing a factoring facility and repaying -2.9 million of debt in October. We are affirming our 'CCC' long-term rating on the company and removing it from CreditWatch, where it was previously placed with negative implications. The negative outlook reflects our uncertainty about SAS's ability to maintain or improve its liquidity position further, including the maintenance of headroom under existing covenants. On Dec. 20, 2010, Standard & Poor's Ratings Services affirmed all of its ratings on The Netherlands-based plastic packaging manufacturer Schoeller Arca Systems Holding B.V. (SAS), including our 'CCC' long-term corporate credit rating. At the same time, we removed the...

Companies mentioned in this report are: Schoeller Arca Systems Holding B.V.,SAS GmbH Germany,SAS UK Holding,SAS France Holding,SAS Services
Action: Affirmed
Action: Outlook: Negative
Action: Removed From CreditWatch

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.

Schoeller Arca Systems Holding B.V.,SAS GmbH Germany,SAS UK Holding,SAS France Holding,SAS Services

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