S&P rates Reynolds notes B+

Standard & Poor's said it assigned its B+ issue-level rating and 2 recovery rating to Reynolds Group Holdings Ltd.'s proposed senior secured notes due 2020 and proposed senior secured term loans.

The existing ratings on Reynolds are unchanged and the outlook remains stable.

S&P said the ratings on Reynolds reflect its assessment of the company's strong business risk and highly leveraged financial risk profile.

The agency said it expects credit measures to strengthen to the appropriate 6.5x that S&P considers consistent with the rating.

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