S&P raises, withdraws Innovia

S&P said it raised its corporate credit rating on Innovia Group (Holding 3) Ltd. to BBB from B and removed the ratings from CreditWatch, where they were placed with positive implications on Dec. 21.

The agency subsequently withdrew the ratings on Innovia.

At the same time, S&P withdrew the B issue-level rating on the group's senior secured notes.

Following the completion of Innovia's acquisition by CCL Industries, S&P said it raised the ratings on Innovia to align them with the group's new parent. Subsequently, it withdrew the corporate credit rating and issue-level ratings. Innovia's outstanding rated debt has been called and redeemed, while the corporate credit ratings were withdrawn at the company's request.

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