S&P rates Silgan notes BB-

Standard & Poor's said it affirmed all of its ratings, including the BB+ corporate credit rating, on Silgan Holdings Inc. The recovery ratings on Silgan's senior unsecured debt remain unchanged at 6 and the recovery rating on Silgan's senior secured debt remains unchanged at 2.

At the same time, the agency said it assigned a BB- senior unsecured debt rating to Silgan's proposed $300 million senior unsecured notes due 2020. The agency also assigned this debt a 6 recovery rating, indicating an expectation for negligible recovery in the event of a payment default.

"The ratings on Silgan reflect its satisfactory business position as a major North American producer of rigid consumer goods packaging, with steady earnings and free cash flow generation," said S&P credit analyst Liley Mehta in a news release.

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