S&P gives BB+ to Plastic Omnium notes

S&P said it rated Plastic Omnium’s planned €500 million of senior unsecured notes, due in 2029 BB+ with a 3 recovery rating. The 3 recovery rating indicates meaningful recovery (50%-70%; rounded estimate: 55%) issuer defaults.

The agency rates the issuer BB+

“We view the transaction as leverage neutral because Plastic Omnium will use the proceeds to repay existing debt,” the agency said in a press release.

The outlook is stable.

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