S&P ups Ardagh

Standard & Poor's said it raised its long-term corporate credit rating on Ardagh Glass Group plc to B+ from B.

The outlook is positive.

In addition, the agency said it raised the ratings on the group's €310 million senior notes issued by Ardagh Glass Finance plc, €175 million callable sub bonds issued by Ardagh Glass BV and the €125 million payment-in-kind notes issued by Ardagh Glass Group plc to B- from CCC+.

The agency noted that the rating action reflects continued strengthening of Ardagh's profitability and cash flows and the resulting improvement in credit protection measures in 2007.

Furthermore, S&P said that it expects that the company will be able to maintain its positive operating trend in the near term given the current favorable industry outlook and internal fixed cost savings potential.

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