S&P: Kappa Beheer developing

Standard & Poor's said it placed its BB- long-term corporate credit rating on Kappa Beheer BV, a holding company in the Kappa Packaging group, on CreditWatch developing.

S&P said the CreditWatch placement follows the group's confirmation that its current owners, private equity firms CVC and Cinven, are in preliminary discussions regarding a number of strategic alternatives for Kappa Packaging, including a potential initial public offering, a sale to industrial or financial buyers, or a recapitalization.

"As the discussions are only at a very early stage, the potential impact on the credit quality of Kappa Packaging is uncertain," said S&P credit analyst Andreas Kindahl.

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