S&P rates Ardagh notes B-

Standard & Poor's said it assigned a B- rating to the proposed €200 million senior notes due 2020 to be issued by Ardagh Packaging Finance plc (not rated), a finance subsidiary of Ardagh Packaging Group plc, formerly Ardagh Glass Group plc, (B+/stable).

The recovery rating of 6 indicates expectation of 0% to 10% recovery. The proposed notes, if issued, will constitute a tap on the existing €275 million 9¼% senior notes issued in October.

The issue ratings on Ardagh's senior secured debt remain unchanged at BB-, with recovery ratings unchanged at 2, reflecting expectation of 70% to 90% recovery.

The issue ratings on Ardagh's senior unsecured and payment-in-kind notes remain unchanged at B-, with recovery ratings unchanged at 6, indicating expectation of 0% to 10% recovery prospects.

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