S&P: Ardagh on positive watch

Standard & Poor's said it placed all its ratings, including its B- corporate credit rating, on Ardagh Glass Group plc and related entities on CreditWatch with positive implications.

The CreditWatch placement follows an announcement that the company has agreed to acquire Rexam plc's (BBB/negative/A-3) glass container manufacturing division for €660 million in a transaction that is subject to competition authority approval, the agency said.

S&P added that the CreditWatch placement reflects the likely positive effects of the proposed acquisition on Ardagh's credit profile.

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