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S&P ups Verallia Packaging SAS
S&P said it upgraded Verallia Packaging SAS to BB- from B+ on its refinancing and extending its maturity profile.
The agency also assigned a BB- rating to Verallia SA, which just completed its IPO.
“The sponsors repaid the €350 million payment-in-kind (PIK) toggle notes with part of the proceeds from the IPO. We are therefore withdrawing our ratings on the issuer of the PIK toggle notes, Horizon Parent Holdings Sarl,” said S&P in a press release.
The outlook is stable.
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