Research Update: Italy-Based Plastic And Glass Packaging Manufacturer Bormioli Pharma Rated 'B' After Reverse Merger; Outlook Stable - S&P Global Ratings’ Credit Research

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

Research Update: Italy-Based Plastic And Glass Packaging Manufacturer Bormioli Pharma Rated 'B' After Reverse Merger; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Italy-Based Plastic And Glass Packaging Manufacturer Bormioli Pharma Rated 'B' After Reverse Merger; Outlook Stable
Published Mar 08, 2019
10 pages (3412 words) — Published Mar 08, 2019
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

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. 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

  
Brief Excerpt:

...+ 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....

  
Report Type:

Research Update

Issuer
Bormioli Pharma SpA
Sector
Global Issuers
Country
Italy
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Italy-Based Plastic And Glass Packaging Manufacturer Bormioli Pharma Rated 'B' After Reverse Merger; Outlook Stable" Mar 08, 2019. Alacra Store. May 02, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Italy-Based-Plastic-And-Glass-Packaging-Manufacturer-Bormioli-Pharma-Rated-B-After-Reverse-Merger-Outlook-Stable-2177649>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Italy-Based Plastic And Glass Packaging Manufacturer Bormioli Pharma Rated 'B' After Reverse Merger; Outlook Stable Mar 08, 2019. New York, NY: Alacra Store. Retrieved May 02, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Italy-Based-Plastic-And-Glass-Packaging-Manufacturer-Bormioli-Pharma-Rated-B-After-Reverse-Merger-Outlook-Stable-2177649>
  
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