(The following statement was released by the rating agency)
Aug 28 –
Rating Action
On Aug. 28, 2012, Standard Poor’s Ratings Services affirmed its ‘B+’
long-term corporate credit ratings on South African glass packaging producer
Consol Holdings Ltd. and its operating subsidiary Consol Glass (Proprietary)
Ltd. (Consol).
At the same time, we affirmed our ‘BB-‘ issue rating on Consol’s EUR372.5
million 7.625% coupon senior secured notes due April 2014. The recovery rating
on the notes was unchanged at ‘2’, indicating our expectation of substantial
(70%-90%) recovery in the event of a default.
We subsequently withdrew all the ratings at the issuer’s request. At the time
of the withdrawal, the outlook was stable.
Rationale
At the time of the withdrawal, the ratings reflected our assessment of
Consol’s “fair” business risk profile and “highly leveraged” financial risk
profile.
We no longer rate any of Consol’s debt following the redemption in full of the
remaining principal amount of Consol’s outstanding EUR372.5 million 7.625%
coupon senior secured notes due April 2014.
Continued…
