Hart's Reynolds Group credit rating cut one notch on weak economy, slow integration

Thu, 06 Sep 2012

By Paul McBeth Sept. 7 (BusinessDesk) - Reynolds Group Holdings’ credit rating was cut one notch as the packaging company owned by New Zealand billionaire Graeme Hart's works to integrate last year's US$4.5 billion acquisition of Graham Packaging and keep its US$18 billion of debt in check. Moody's Investors Service cut Reynolds Group's corporate family rating (CFR) further below investment grade to B3 from B2, citing "an expectation that future improvement may proceed more slowly than originally projected." Moody's typically uses a CFR rati...

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