On June 21, 2007, Standard&Poor's Ratings Services assigned its 'B+' corporate credit rating to Switzerland-based aseptic cartons supplier SIG Holding AG (SIG) and related entities Beverage Packaging Holdings (Luxembourg) I S.A. (Beverage Packaging Holdings I) and Beverage Packaging Holdings (Luxembourg) II S.A. (Beverage Packaging Holdings II). The outlook is stable. At the same time, the proposed €825 million senior secured term facilities issued by Beverage Packaging Holdings I were rated 'BB', two notches above the corporate credit rating, with a recovery rating of '1', indicating our expectation of very high (90%-100%) recovery in the event of a payment default. The proposed €450 million senior notes, issued by Beverage Packaging Holdings II were rated 'B', with a recovery rating
