S&P ups Ardagh

Standard & Poor's said it raised its long-term corporate credit rating on Ardagh Glass Group plc and related entities to B from B-, owing to the near completion of its acquisition of Rexam plc's (BBB/negative/A-3) glass container manufacturing division for €660 million, subject to approval from the antitrust authorities in Poland.

The outlook is positive.

In addition, the ratings on the group's payment-in-kind notes and related entity Ardagh Glass BV's subordinated bond were raised to CCC+ from CCC, the agency said.

"Ardagh's business risk profile will strengthen following the acquisition, as the group will gain a stronger market position as one of the largest glass packaging providers in Europe, a wider range of products and a more diverse geographic presence," said S&P credit analyst Izabela Listowska.

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