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Fitch rates NG PET notes BB+
Fitch Ratings said it assigned a BB+ rating to the $355 million of sustainability-linked unsecured notes to be co-issues by NG PET R&P Latin America SA and San Miguel Industrias PET SA. Fitch also affirmed the BB+ ratings on NG Packaging & Recycling Corp. Holdings SA (SMI) and the $300 million of senior unsecured notes issued by San Miguel Industrias PET.
“The co-issuers are providing joint and several guarantees for the new senior unsecured notes. The notes will also be guaranteed by all material subsidiaries from SMI and NG Packaging & Recycling Corp. Holdings II SA.
The proceeds will be used to refinance San Miguel Industrias PET’s $300 million of senior unsecured notes due in 2022.
The outlook is stable.
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