Moody's may cut BSN Glasspack

Moody's Investors Service said it placed all of the ratings of BSN Glasspack SA on review for possible downgrade following the announcement that its existing shareholder, Glasspack Participations (which is controlled by investment funds advised by CVC Capital Partners Europe) has entered into exclusive negotiations to sell its shareholding in BSN to Owens-Illinois Inc.

Ratings affected include BSN Glasspack SA's Ba3 senior implied rating, Ba3 rated bank facilities, and B1 senior unsecured issuer rating, as well as BSN Glasspack Obligation SA's B1 rated €160 million senior subordinated notes due 2009 and BSN Financing Co. SA's B2 rated €140 million (previously €180 million) in senior subordinated notes.

Moody's said its review of BSN will focus on the likely business and financial strategies of Owens-Illinois for BSN including the proposed debt leverage profile and relative ranking of BSN's existing creditors within the revised capital structure of Owens-Illinois.

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