S&P ups SIG Combibloc

S&P said it raised to BB+ from B+ its long-term issuer credit rating on SIG Combibloc Holdings SCA and removed the rating from CreditWatch with positive implications where it was placed on Sept. 5.

The outlook is stable.

S&P also assigned a BB+ long-term issuer credit rating to SIG Combibloc Group AG, a holding company through which the group is listed on the Swiss stock exchange.

At the same time, S&P said it affirmed its BB+ issue and 3 recovery ratings on SIG's senior secured facilities, which comprise a €1.25 billion term loan A due 2023, €350 million term loan B due 2025 and €300 million revolving credit facility due 2023. The 3 recovery rating indicates an expectation for meaningful recovery (50%-70%; rounded estimate; 55%) of principal and interest in the event of a payment default.

Additionally, S&P withdrew its issue and recovery ratings on SIG's facilities and notes that have been repaid.

“The upgrade follows the completion of SIG's partial IPO on the Swiss stock exchange in which it successfully raised net proceeds of about €1.0 billion. SIG used these proceeds along with €1.6 billion of new facilities, to reduce and refinance the existing capital structure,” S&P said in a news release.

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