S&P downgrades Ardagh

Standard & Poor's said it lowered its long-term corporate credit rating on Ardagh Glass Group plc and related entity Ardagh Glass Ltd. to BB- from BB due to increased pressure on the group's credit-protection measures. The outlook is stable.

At the same time, S&P lowered its subordinated debt ratings on the group and related entity Ardagh Glass BV to B from B+.

S&P said the rating actions reflect S&P's expectation that Ardagh will be unable to maintain adequate credit-protection measures for the previous ratings as a result of continuing difficult market conditions and the group's increasing debt levels.

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