S&P puts Impress notes on developing, positive watch

Standard & Poor's said it affirmed the B+ long-term corporate credit rating on Impress Holdings BV and placed the B+ ratings on Impress' secured bonds on CreditWatch with developing implications and the B- rating on its unsecured bonds on CreditWatch with positive implications.

The outlook is stable.

"The affirmation follows an announcement by Ardagh Glass Group plc that it intends to acquire Impress," S&P analyst Izabela Listowska said in a statement.

Ratings on Impress remain constrained by its high debt leverage and exposure to input cost changes, the agency noted.

In addition, the company faces meaningful competition, in particular from smaller regional players, in fairly mature markets, S&P said.

These risks are mitigated by Impress' leading positions in its core markets, its good geographic and customer diversification, long-standing relationships with key customers and good profitability, the agency said.

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