U.S.-based packaging company Consolidated Container Co. LLC. is being acquired by Loews Corp. for $1.2 billion. All of our ratings on Consolidated Container, including our 'B-' corporate credit rating, remain on CreditWatch, where we placed them with positive implications on April 12, 2017. At the same time, we are assigning our 'B+' issue-level rating and '3' recovery rating to the company's proposed $605 million senior secured first-lien term loan. We expect to raise our corporate credit rating on Consolidated Container to 'B+' and assign a stable outlook following the completion of the acquisition. On April 27, 2017, S&P Global Ratings said that its ratings on Consolidated Container Co. LLC remain on CreditWatch, where we placed them with positive implications on
