Moody's gives Ba1 to NG PET notes

Moody's Investors Service said it assigned a Ba1 rating to NG PET R&P Latin America, SA's and San Miguel Industrias PET SA’s (SMI) planned $355 million and up to seven years tenor guaranteed senior unsecured notes. Both entities will act as co-issuers of the notes.

Concurrently, Moody's assigned for the first time a Ba2 corporate family rating to NG Packaging & Recycling Corp. Holdings SA, and at the same time placed the rating under review with direction uncertain. The Ba2 rating on SMI's senior unsecured notes due in 2022 was also placed under review with direction uncertain. Moody's also withdrew SMI's Ba2 CFR.

The notes include a sustainability-linked structure that is in line with the group's targets in terms of recycled pet usage and tons of post-consumer waste managed by the group.

Proceeds will be used to repay debt including SMI's $300 million of senior unsecured notes due 2022.

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