S&P rates Reynolds notes B-

Standard & Poor's said it affirmed the B+ corporate credit rating on Reynolds Group Holdings Ltd. and its subsidiaries.

The outlook is negative.

The agency also said it assigned the senior unsecured debt rating of B- and recovery rating of 6 to Reynolds' $1.25 billion 9 7/8% proposed senior unsecured notes due August 2019 to be issued under Rule 144A with registration rights.

The 6 recovery rating indicates 0% to 10% expected recovery in a default.

The ratings reflect an assessment of the company's business risk profile as strong and financial risk profile as highly leveraged, S&P said, as well as its status as a market-leading provider of food and beverage packaging.

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