{"id":13981,"date":"2012-08-28T15:21:18","date_gmt":"2012-08-28T13:21:18","guid":{"rendered":"http:\/\/www.myza.co.za\/08\/text-sp-affirms-b-ratings-on-consol-glass\/"},"modified":"2012-08-28T15:21:18","modified_gmt":"2012-08-28T13:21:18","slug":"text-sp-affirms-b-ratings-on-consol-glass","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/text-sp-affirms-b-ratings-on-consol-glass\/","title":{"rendered":"TEXT-S&amp;P affirms &#8216;B+&#8217; ratings On Consol Glass"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>(The following statement was released by the rating agency)<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>Aug 28 &#8211;<\/p>\n<p><span><\/span><\/p>\n<p>Rating Action<\/p>\n<p><span><\/span><\/p>\n<p>On Aug. 28, 2012, Standard  Poor&#8217;s Ratings Services affirmed its &#8216;B+&#8217;<br \/>\nlong-term corporate credit ratings on South African glass packaging producer<br \/>\nConsol Holdings Ltd. and its operating subsidiary Consol Glass (Proprietary)<br \/>\nLtd. (Consol).<\/p>\n<p><span><\/span><\/p>\n<p>At the same time, we affirmed our &#8216;BB-&#8216; issue rating on Consol&#8217;s EUR372.5<br \/>\nmillion 7.625% coupon senior secured notes due April 2014. The recovery rating<br \/>\non the notes was unchanged at &#8216;2&#8217;, indicating our expectation of substantial<br \/>\n(70%-90%) recovery in the event of a default.<\/p>\n<p><span><\/span><\/p>\n<p>We subsequently withdrew all the ratings at the issuer&#8217;s request. At the time<br \/>\nof the withdrawal, the outlook was stable.<\/p>\n<p><span><\/span><\/p>\n<p>Rationale<\/p>\n<p><span><\/span><\/p>\n<p>At the time of the withdrawal, the ratings reflected our assessment of<br \/>\nConsol&#8217;s &#8220;fair&#8221; business risk profile and &#8220;highly leveraged&#8221; financial risk<br \/>\nprofile.<\/p>\n<p><span><\/span><\/p>\n<p>We no longer rate any of Consol&#8217;s debt following the redemption in full of the<br \/>\nremaining principal amount of Consol&#8217;s outstanding EUR372.5 million 7.625%<br \/>\ncoupon senior secured notes due April 2014.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(The following statement was released by the rating agency) Aug 28 &#8211; Rating Action On Aug. 28, 2012, Standard Poor&#8217;s Ratings Services affirmed its &#8216;B+&#8217; 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 &#8216;BB-&#8216; [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-13981","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=13981"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13981\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=13981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=13981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=13981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}