Moody's: Ardagh view negative

Moody's Investors Service said it affirmed Ardagh Packaging Group's corporate family rating at B2.

Concurrently, Moody's affirmed the group's instrument ratings, including the Ba3 rating of the 7 3/8% senior secured notes due 2017 that will be increased by $700 million and the B3 rating for the group's 9 1/8% senior unsecured notes due 2020 that will be increased by $220 million.

The outlook was changed to negative from stable.

Moody's said the outlook change is a reflection of its assessment that the proposed acquisition is overall credit negative.

This assessment is substantiated by the expected increase in net debt by about $920 million as a result of the transaction, underlining management's aggressive financial policy dedicated to growing the group, the agency said.

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