Italy-Based Plastic And Glass Packaging Manufacturer Bormioli Pharma Rated 'B' After Reverse Merger; Outlook Stable

On March 8, 2019, S&P Global Ratings withdrew its 'B' long-term issuer rating on Italy-based plastic and glass packaging manufacturer Bormioli Pharma BidCo SpA and assigned a 'B' long-term issuer rating to Bormioli Pharma SpA (Bormioli Pharma). Our 'B+' issue rating and '2' recovery rating on the super senior secured revolving credit facility (RCF) and our 'B' issue rating and '4' recovery rating on the senior secured notes remain unchanged. Credit metrics remain commensurate with the rating category, despite Bormioli Pharma's more aggressive investment plan and our expectations of negative free operating cash flow (FOCF) in 2019. LONDON (S&P Global Ratings) March 8, 2019--S&P Global Ratings today took the rating actions listed above. In December 2018, Bormioli Pharma BidCo SpA

...+ On March 8, 2019, S&P Global Ratings withdrew its 'B' long-term issuer rating on Italy-based plastic and glass packaging manufacturer Bormioli Pharma BidCo SpA and assigned a 'B' long-term issuer rating to Bormioli Pharma SpA (Bormioli Pharma). + Our 'B+' issue rating and '2' recovery rating on the super senior secured revolving credit facility (RCF) and our 'B' issue rating and '4' recovery rating on the senior secured notes remain unchanged. + Credit metrics remain commensurate with the rating category, despite Bormioli Pharma's more aggressive investment plan and our expectations of negative free operating cash flow (FOCF) in 2019. LONDON (S&P Global Ratings) March 8, 2019--S&P Global Ratings today took the rating actions listed above. In December 2018, Bormioli Pharma BidCo SpA reverse-merged into Bormioli Pharma SpA. We thereby withdrew our long-term issuer rating on Bormioli Pharma BidCo SpA and assigned our long-term issuer rating to Bormioli Pharma SpA (Bormioli Pharma). Bormioli...

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