S&P affirms Reynolds Group

Standard & Poor's said it affirmed its B+ long-term corporate credit ratings on Reynolds Group Holdings Ltd. and its related issuers.

The outlook is negative.

Once the capital structure is finalized, the agency said it will review its recovery ratings on the group's existing issues shortly.

"The affirmation of the long-term corporate credit ratings follows an announcement by Reynolds that it intends to raise $1.75 billion to acquire Evergreen Packaging Group and Whakatane Mill in a debt-funded transaction," said S&P credit analyst Izabela Listowska.

The agency said it views the acquisitions as in keeping with Reynolds' business focus and operating strengths.

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