S&P puts AEP on positive watch

S&P said it placed all of AEP Industries Inc.’s ratings, including its B corporate credit rating, on CreditWatch with positive implications.

The positive watch follows news that AEP Industries agreed to be acquired by Berry Plastics Group, S&P said.

The agency said it could potentially raise AEP’s ratings by more than one notch if the transaction closes as expected due to the BB- corporate credit rating on Berry Plastics.

S&P said it also expects to withdraw the ratings on AEP because all of its outstanding rated debt will be redeemed at the close of the transaction.

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