S&P: Kleopatra on developing watch

S&P said it placed the B long-term corporate credit rating on Kleopatra Holdings 2 SCA on CreditWatch with developing implications.

The agency also said it placed on CreditWatch developing the B rating on Kleopatra's senior secured debt.

The recovery rating on the debt remains at 4, indicating 40% expected default recovery.

S&P also said it placed on CreditWatch developing the CCC+ rating on Kleopatra's senior unsecured debt.

The recovery rating on the debt remains at 6, indicating no expected default recovery.

The CreditWatch placement follows news that Kleopatra Holdings 2, the parent of plastic film packaging manufacturer Kloeckner Pentaplast, has signed an agreement to acquire Linpac, a film producer and converter for food packaging in Europe, S&P said.

At this stage, the details of the transaction have not been disclosed, the agency said.

The transaction is subject to regulatory approval, S&P noted.

The outcome of the CreditWatch placement will depend on the funding of the acquisition and the combined group's strategy, the agency said.

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