S&P assigns Innovia notes B

Standard & Poor's said it assigned its B long-term corporate credit rating to Innovia Group (Holding 3) Ltd.

At the same time, the agency assigned its issue rating of B to the proposed €340 million senior secured notes, due in 2020, issued by finance subsidiary Innovia Group (Finance) plc. The recovery rating on the proposed senior secured notes is 4, indicating an expectation of average (30%-50%) recovery prospects for lenders in the event of a payment default.

S&P said the ratings on Innovia reflect its assessment of the group's "fair" business risk profile and "highly leveraged" financial risk profile, as criteria define these terms.

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