Ardagh - comment

The arguments made in Fitch’s downgrade echo our concerns. The capital structure is unsustainable and Ardagh continues to show weak operational performance. Our core thesis is that Ardagh needs a comprehensive rescheduling of its SSNs and SUNs which we expect by 24Q3. The SUNs will bear most of the pain in the upcoming Amend and Extend operation.

https://www.fitchratings.com/research/corporate-finance/fitch-downgrades-ardagh-group-idr-to-ccc-09-05-2024