S&P assigns Reynolds notes CCC+

Standard & Poor's said it assigned its CCC+ issue-level rating and 6 recovery rating to Reynolds Group Holdings Ltd.'s proposed $650 million senior unsecured notes due December 2016.

Beverage Packaging Holdings (Luxembourg) II SA and Beverage Packaging Holdings II Issuer Inc. will issue the notes.

The 6 recovery rating indicates expectations for negligible (0% to 10%) recovery in the event of a default.

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

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