S&P rates Pact Group loans B+

Standard & Poor's said it assigned its B+ long-term issuer credit rating to Pact Group Industries Pty Ltd. with a stable outlook.

At the same time, S&P assigned a B+ issue-level rating to Pact's US$885 million first-lien senior secured term loan and A$75 million and NZ$30 million first-lien senior secured revolving credit facilities. The recovery rating on the term loan and revolvers is 3.

The B+ issuer credit rating on Pact Group reflects S&P's view of the company's "highly leveraged" financial risk profile and "fair" business risk profile, the agency said.

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