Moody's lowers Reynolds Group

Moody's Investors Service said it downgraded the corporate family and probability of default ratings of Reynolds Group Holdings Ltd. to B3 from B2. The outlook is stable.

The agency said it downgraded Reynolds Group Holdings Inc.'s senior secured revolving credit facilities due 2014 to B1 from Ba3, its senior secured term loans due 2018 to B1from Ba3.

Additionally, the agency downgraded Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds Group Issuer (Luxembourg) SA's senior secured notes issues to B1 from Ba3 and downgraded their senior unsecured notes to Caa2 from Caa1.

At the same time the agency lowered Beverage Packaging Holdings (Lux) II SA's and Pactiv Corp.'s notes issues to Caa2 from Caa1.

Moody's said the downgrade of the corporate family rating to B3 from B2 reflects pro-forma credit metrics that are below forecasted levels and an expectation that future improvement may proceed more slowly than originally projected.

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