Moody’s downgrades Rexam to Ba1

Moody's Investors Service said it downgraded the long-term issuer rating of Rexam plc to Ba1 from Baa3 and confirmed the Ba2 rating of its junior subordinated notes due in June 2067.

The outlook is stable. This concludes the review for downgrade initiated on Feb. 19.

Moody’s said the action follows the June 30 announcement by Ball Corp., Ba1 stable, that the acquisition of Rexam for a total of $6.8 billion has been completed, such that Rexam's ratings are now aligned with those of Ball. Rexam has ceased to be an independent company and its operations are now wholly owned by Ball.

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