We are assigning our 'B-' long-term corporate credit rating to Kleopatra Holdings 1 S.C.A., a new holding company in the group structure of German-headquartered plastic packaging manufacturer Kloeckner Pentaplast. At the same time, we are assigning our issue rating of 'CCC' to Kloeckner Pentaplast's proposed €150 million payment-in-kind notes due in August 2017, to be issued by Kleopatra Holdings 1 S.C.A. The stable outlook reflects our view that Kloeckner Pentaplast will deleverage despite the tough economic conditions in the group's main markets. On April 30, 2013, Standard&Poor's Ratings Services assigned its 'B-' long-term corporate credit rating to Kleopatra Holdings 1 S.C.A., a new holding company in the group structure of German-headquartered plastic packaging manufacturer Kloeckner Pentaplast. The outlook
