Moody's upgrades Nordenia notes

Moody's Investors Service said it upgraded the €280 million second priority notes issued by Mondi Consumer Packaging International AG (Nordenia) to Baa3 from Ba1 following the announcement that Mondi plc has provided a guarantee in support of the legacy bond.

There are no changes to Mondi's Baa3 issuer rating or senior unsecured bond ratings with a stable outlook.

"The upgrade of Nordenia's legacy bond to Baa3 reflects the explicit parental support provided by Mondi plc in the form of an irrevocable and unconditional guarantee for the bond previously issued by its recently acquired subsidiary" Moody's lead analyst for Mondi Anke Rindermann said in a news release.

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