On Sept. 7, 2017 we added Austria to our list of jurisdiction ranking assessments of national insolvency regimes. We assessed Austria's insolvency regime as being in group A and we therefore now assign recovery ratings to debt issued by non-investment-grade corporate issuers based in Austria. At the same time, we labeled the issue rating on Austria-based packaging company Constantia Flexibles Holding's €1.34 billion equivalent senior secured facility as "under criteria observation" (UCO). With our criteria review complete, we are removing the UCO designation from this rating and assigning a recovery rating of '4' to the senior secured debt facilities. We are raising the issue rating on the debt to 'B+' from 'B'. The recovery rating of '4' indicates our expectation
