Ardagh ratings upgraded on acquisition of Rexam's European glass ops - Moody's |
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Published
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Thu, 24 May 2007 06:57
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has upgraded the corporate family rating for Ardagh Glass Group PLC to 'B2' from 'B3', and assigned a 'stable' outlook, following Ardagh's acquisition of the European glass activities of Rexam PLC.The debt instrument ratings have been upgraded to 'B3' for the 175 mln eur senior notes due 2013 at Ardagh Glass Finance BV and to 'Caa1' for the 126.25 mln eur senior PIK notes due 2015 at Ardagh Glass Group PLC.'The stabilisation of Ardagh's declining operating performance... driven by sustainable factors as well as the acquisition of Rexam's glass assets... were the main factors supporting the rating upgrade,' said Martin Kohlhase, Moody's lead analyst for the European packaging industry.Moody's added that upside rating pressure could emerge within the next 12 to 18 months should the operations in the UK improve back to historical levels.TFN.newsdesk@thomson.comsmi/jroCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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