April 26, 2024 07:06 GMT
Ardagh (CCC-): Cut by S&P
HIGH YIELD
• Rating cut by 3 notches to CCC- after the close yesterday.
• S&P expect negative FOCF and notes the high debt burden.
• Views debt swap agreed with Apollo as part of new financing as a distressed exchange tantamount to default, would result in SD rating.
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