S&P: Ardagh view to negative

Standard & Poor's said it revised to negative from stable the outlook on Ardagh Packaging Group plc and related entities, Ardagh Packaging Holdings Ltd. and ARD Finance SA.

The agency also said it affirmed the B+ long-term corporate credit ratings on all three companies, along with the BB- ratings on the group's secured debt instruments and B- issue ratings on its unsecured debt instruments.

The outlook revision reflects a view that Ardagh may be unable to recover its credit metrics to a level considered commensurate with the rating due to a slowing pace of debt deleveraging following a $410 million bond issue to fund external growth, S&P said.

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