Moody’s places Verallia’s B1 ratings on review for upgrade

Moody’s Investors Service said it placed on review for upgrade all ratings of Horizon Holdings I (Verallia) and the ratings for loans borrowed by Verallia Packaging SAS.

The review follows the announcement that Verallia SA, the parent of Horizon, filed the preliminary document for an initial public offering.

“We have placed Verallia’s B1 ratings on review for upgrade following the IPO filing mainly to reflect the company’s increased financial flexibility through access to public equity markets and the improved liquidity. We note that, prior to the IPO-related announcement, the company’s ratings were strongly positioned in the B1 rating category,” said Donatella Maso, a Moody’s vice president - senior analyst and lead analyst for Verallia.

The proceeds expected to range from €911 million to €1 billion are expected to be used to repay debt.

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