Moody's: Ardagh notes B3, Ba3

Moody's Investors Service said it assigned definitive ratings to Ardagh's recent bond issuance, comprising $260 million senior unsecured notes due 2020, jointly issued by Ardagh Packaging Finance plc and Ardagh MP Holdings USA Inc. rated B3 and a $160 million top-up to the existing senior secured notes due 2017 issued by Ardagh Packaging Finance plc, rated Ba3.

Moody's said the senior secured notes are supported by senior guarantees of subsidiaries representing at least 85% of consolidated assets and EBITDA and security interests which the agency said it understands comprise the clear majority of the guarantors' assets.

While the senior unsecured notes are supported by guarantees from the same entities that guarantee the senior secured debt, though on a senior subordinated basis, they do not benefit from any tangible collateral, Moody's said.

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