Moody's gives B3 to Ardagh notes

Moody's Investors Service said it assigned a provisional B3 rating (LGD5, 73) to Ardagh Glass Finance plc's proposed €180 million senior notes due 2020.

The agency said it affirmed the B2 corporate family rating for Ardagh Glass Group plc as well the Ba3 rating for Ardagh Glass Finance's €300 million senior secured notes due 2016, the B3 rating for its €310 million senior notes due 2017 and the Caa1 rating for Ardagh Glass Group's €126.25 million senior PIK notes due 2015.

The affirmation reflects the expectation of a continuing gradual recovery of earnings from a trough in the first half of 2009, which was affected by lower volume and substantial restructuring expenses owing to the recessionary environment, according to the agency.

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