S&P cuts Ardagh Packaging

Standard & Poor's said it lowered to B from B+ its long-term corporate credit ratings on Ardagh Packaging Group Ltd. and related entities Ardagh Packaging Holdings Ltd. and ARD Finance SA.

The outlook is stable. The ratings were removed from CreditWatch, where they were placed with negative implications on July 17.

S&P also lowered Ardagh's senior secured debt instruments to B+ from BB- and the ratings on the group's senior debt instruments and subordinated payment-in-kind notes to CCC+ from B-.

The downgrades follow Ardagh's announcement that it completed the debt-funded acquisition of Anchor Glass Container Corp., according to the agency.

The actions reflect Ardagh's ongoing high leverage and lower-than-anticipated deleveraging prospects as a result of its persistently aggressive financial policy, the agency noted.

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