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S&P gives Ardagh B+, notes B-
S&P said it assigned its B+ long-term corporate credit rating to ARD Securities Finance Sarl.
The outlook is positive.
The agency also assigned a B- issue rating to the proposed $350 million payment-in-kind notes due 2023 to be issued by ARD. The 6 recovery rating reflects an expectation of negligible (0%) recovery in the event of default.
At the same time, S&P affirmed the B+ long-term corporate credit ratings on Ardagh Group SA, Ardagh Packaging Group, and Ardagh Packaging Holdings and ARD Finance.
The agency also affirmed the BB issue ratings and 1 recovery rating on Ardagh's senior secured debt, the B issue ratings and 5 recovery rating on Ardagh's senior unsecured debt, and the B- issue rating and 6 recovery rating on ARD Finance's subordinated PIK toggle notes.
S&P said the corporate credit rating reflects the view that ARD Securities Finance is core to the group.
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