Ardagh - comment
The downgrade to Caa2 (Negative) at Moody’s reflects the looming debt restructuring at Ardagh Group. The agency acknowledges the availability of the ABL. We expect Ardagh to draw the facility before beginning discussions with creditors. The ABL is subject to a 1x fixed charge covenant (maintenance), and we agree with Moody's that Ardagh Group will be in compliance on a consolidated basis over the next year).