Ardagh Glass Group plc http://www.alacrastore.com/company-snapshot/Ardagh_Glass_Group_plc-3668925 Wednesday, October 08, 2008 3:21:18 AM 3668925 Ardagh Glass Group plc en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/670601spcred/670601normThe latest Summary from S&Pglobal9/11/2008 4:33:32 AM175Summary670601IrelandMetal & Glass ContainersEurope, Middle East, AfricaGlobal IssuersCorporationsBuilding MaterialsSummaryThe ratings on Ireland-based glass container manufacturer Ardagh Glass Group PLC (Ardagh) reflect its highly leveraged financial profile, its exposure to volatile energy prices, and high capital intensity. These factors are tempered to some extent by the group's leading position as one of the largest glass-packaging providers in Europe, underpinned by advanced production technology, and a well invested asset base. The ratings also reflect relatively recession-resistant end markets and the company's improving profitability. On June 30, 2008, the group reported total debt of about €961 million. Operating performance in the first six months of 2008 benefited from selling-price increases and efficiency gains, which more than offset energy cost increases and foreign currency losses. EBITDA margins improved in the period toIRL15103010 151030 1510 15Ardagh Glass Group PLC386367EUROMIDAFRSUMMARYGLOBISSCORPBuildingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_156969_820307603moodys/PR_156969_820307603htmlGlobal Credit Research Rating Action ## JUN #### Rating Action: Ardagh Glass Finance plc Moody's changes outlook for Ardagh to positive; B# Corporate Family Rating unchanged Approximately EUR ### million rated debt affected Frankfurt,...6/11/2008 12:30:16 AMhtmlArdagh Glass Finance plcArdagh Glass Group PLCArdagh Glass Finance B.V.Ardagh Glass Finance B.V.; Ardagh Glass Finance plc; Ardagh Glass Group PLC820307603808141750806658387150.0000NewsRating ActionPR_156969_820307603Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647115spcred/647115normThe latest Full Report from S&Pglobal5/8/2008 8:20:27 AM400Full Report647115IrelandMetal & Glass ContainersEurope, Middle East, AfricaGlobal IssuersCorporationsFinancial InstitutionsBuilding MaterialsConsumer ProductsForest ProductsPackagingFull ReportLeading market positions in the European glass-container market Relatively recession-resistant products Improving profitability Satisfactory liquidity position Highly leveraged capital structure Heavy capital intensity Exposure to volatile energy prices Relatively narrow business scope The ratings on Ireland-based glass-container manufacturer Ardagh Glass Group PLC (Ardagh) reflect the group's highly leveraged financial profile following the acquisition of the glass unit of Rexam PLC (BBB/Negative/A-3) completed in June 2007 in a primarily debt-financed transaction, its exposure to volatile energy prices, and high capital intensity. These factors are tempered to some extent by the group's leading position as one of the largest glass-packaging providers in Europe, underpinned by advanced production technology, and a well invested asset base. The ratings also reflect relatively recession-resistant end marketsIRL15103010 151030 1510 15Ardagh Glass Group PLC386367EUROMIDAFRFULLCHIFRAGBRUSA19121619121A19121B19121C19121D19121E19121F20428020428J20428L20428M69076869087C76164T76164U761655F2005MG1274K15103010 151030 1510 1520102010 201020 2010 2030201030 302010 3020 30Coca-Cola Co. (The)Owens-Illinois Inc.Compagnie de Saint-GobainRexam PLCArdagh Glass Holdings Ltd.100511101763112469127707371883ASIAEMERGINGEUROMIDAFRLATAMERICAUSAKOOICOD@LNREX@LN213963Z@IDGLOBISSCORPFIBuildingConsumerForestPackagingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647116spcred/647116normThe latest Summary from S&Pglobal5/8/2008 8:20:27 AM175Summary647116IrelandMetal & Glass ContainersEurope, Middle East, AfricaGlobal IssuersFinancial InstitutionsCorporationsBuilding MaterialsConsumer ProductsForest ProductsPackagingSummaryThe ratings on Ireland-based glass-container manufacturer Ardagh Glass Group PLC (Ardagh) reflect the group's highly leveraged financial profile following the acquisition of the glass unit of Rexam PLC (BBB/Negative/A-3) completed in June 2007 in a primarily debt-financed transaction, its exposure to volatile energy prices, and high capital intensity. These factors are tempered to some extent by the group's leading position as one of the largest glass-packaging providers in Europe, underpinned by advanced production technology, and a well invested asset base. The ratings also reflect relatively recession-resistant end markets and the company's improving profitability. On Dec. 31, 2007, the group reported total debt of €935.2 million. In 2007, EBITDA increased by about 38% year on year, to €232.5 million from €168IRL15103010 151030 1510 15Ardagh Glass Group PLC386367EUROMIDAFRSUMMARYFRAGBRUSA19121619121A19121B19121C19121D19121E19121F20428020428J20428L20428M69076869087C76164T76164U761655F2005MG1274K15103010 151030 1510 1520102010 201020 2010 2030201030 302010 3020 30Coca-Cola Co. (The)Owens-Illinois Inc.Compagnie de Saint-GobainRexam PLC100511101763112469127707ASIAEMERGINGEUROMIDAFRLATAMERICAUSAKOOICOD@LNREX@LNGLOBISSFICORPBuildingConsumerForestPackagingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/643857spcred/643857normThe latest News from S&Pglobal4/21/2008 10:30:21 AM100News643857IrelandMetal & Glass ContainersEurope, Middle East, AfricaGlobal IssuersCorporationsBuilding MaterialsNewsFRANKFURT (Standard&Poor's) April 21, 2008--Standard&Poor's Ratings Services said today it raised its long-term corporate credit rating on Ireland-based glass-container manufacturer Ardagh Glass Group PLC (Ardagh) to 'B+' from 'B'. The outlook is positive. In addition, we raised the ratings on the group's €310 million senior notes issued by Ardagh Glass Finance PLC, €175 million callable sub bonds issued by Ardagh Glass B.V., and the €125 million payment-in-kind (PIK) notes issued by Ardagh Glass Group PLC to 'B-' from 'CCC+'. "The rating action reflects continued strengthening of Ardagh's profitability and cash flows, and the resulting improvement in credit protection measures in 2007," said Standard&Poor's credit analyst Izabela Listowska. "Furthermore, we expect that the company willIRL15103010 151030 1510 15Ardagh Glass Group PLC386367EUROMIDAFRNEWSGLOBISSCORPBuildingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/643858spcred/643858normThe latest Research Update from S&Pglobal4/21/2008 10:30:21 AM175Research Update643858IrelandMetal & Glass ContainersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsBuilding MaterialsPackagingResearch UpdateOn April 21, 2008, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Ireland-based glass-container manufacturer Ardagh Glass Group PLC (Ardagh) to 'B+' from 'B'. The outlook is positive. In addition, we raised the ratings on the group's €310 million senior notes issued by Ardagh Glass Finance PLC, €175 million callable sub bonds issued by Ardagh Glass B.V., and the €125 million payment-in-kind (PIK) notes issued by Ardagh Glass Group PLC to 'B-' from 'CCC+'. The rating action reflects continued strengthening of Ardagh's profitability and cash flows, and the resulting improvement in credit protection measures in 2007. Furthermore, we expect that the company will be able to maintain its positive operating trend in the near term givenIRL15103010 151030 1510 15Ardagh Glass Group PLC386367EUROMIDAFRRESUPDNLDGBRIRL76164UG1274K76165576164T15103010 151030 1510 15Ardagh Glass B.V.Rexam PLCArdagh Glass Finance PLC418768127707371884EUROMIDAFRREX@LNGLOBISSCORPConsumerBuildingPackagingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/511067spcred/511067normThe latest Summary from S&P12/23/2007 11:36:21 PMSummary175global511067Global IssuersCorporationsBuilding MaterialsSummaryThe ratings on Ireland-based glass-bottle manufacturer Ardagh Glass Group PLC and related entities (Ardagh) reflect its aggressive financial profile, limited diversification, and high dependence on the U.K. food and beverages market. These factors are tempered to some extent by the group's leading position and market share in the U.K. market. Furthermore, a large proportion of Ardagh's business is covered by multiyear contracts varying from one to three years. Although this adds some stability to the group's revenues overall, however, Ardagh is expected to lose some of these contracts to competitor Quinn Glass Ltd. in the short to medium term. Standard & Poor's expects the remaining contracts to be less profitable. Ardagh suffers from the ongoing difficult operating environment in itsArdagh Glass Group PLC386367SUMMARYGLOBISSCORPBuildingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_808141750moodys/COP_808141750htmlGlobal Credit Research Credit Opinion ## JUN #### Credit Opinion: Ardagh Glass Group PLC Ardagh Glass Group PLC Ireland Ratings Category Moody's Rating Outlook Positive Corporate Family Rating B# Senior Unsecured -Dom Curr Caa#/LGD#...12/21/2007 12:58:00 PMhtmlArdagh Glass Group PLCArdagh Glass Group PLC808141750150.0000NewsCredit OpinionCOP_808141750Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/616839spcred/616839normThe latest Summary from S&P12/3/2007 4:29:15 AMSummary175global616839IrelandMetal & Glass ContainersEurope, Middle East, AfricaGlobal IssuersCorporationsBuilding MaterialsSummaryThe ratings on Ireland-based glass-container manufacturer Ardagh Glass Group PLC and related entities reflect the group's highly leveraged financial profile, exposure to volatile energy prices, and high capital intensity. These factors are tempered to some extent by the group's leading positions in European glass packaging and relatively recession-resistant products. Ardagh's financial risk profile is highly leveraged. At Sept. 30, 2007, the group reported total debt of €954 million following the primarily debt-financed acquisition of the glass unit of U.K.-based Rexam PLC (BBB/Negative/A-3), completed in June 2007. In the 12 months to Sept. 30, 2007, adjusted debt to pro forma EBITDA (assuming the Rexam acquisition was completed on Jan. 1, 2006) was about 5.5x, which is well in line with ratings.IRL15103010 151030 1510 15Ardagh Glass Group PLC386367EUROMIDAFRARGIDSUMMARYGLOBISSCORPBuildingCredit & Investment ResearchS&P Credit Research