Moody's assigns to AptarGroup Baa3

Moody's Investors Service said it assigned a Baa3 first-time issuer rating to AptarGroup, Inc.

"Aptar's Baa3 issuer rating reflects the company's focus on differentiated products, higher profitability than peers' in the packaging industry, and moderate leverage, which is counterbalanced with inherent volatility in its beauty segment," said Motoki Yanase, a Moody’s vice president and senior credit officer, in a press release.

“The Baa3 rating assumes Aptar completes the assignment of its €300 million senior unsecured notes due 2023 and 2024 to the U.S. parent, which will eliminate the potential structural subordination of the US parent debt. Moody's expects the assignment to be completed by the first week of March,” the agency said in a press release.

Aptar is the co-borrower with AptarGroup UK Holdings Ltd. for a $600 million multicurrency revolver.

The outlook is stable.

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