S&P Boosts IFCO Rating on Strength of Brambles Acquisition

Standard & Poor’s Ratings Services today said that it had raised its long-term corporate credit rating on IFCO Systems N.V. (IFCO), a Netherlands-based service provider of reusable plastic containers and pallet-management services, to ‘BBB’ from ‘BB-‘. At the same time, we removed the rating from CreditWatch with positive implications, where it was placed on Nov. 16, 2010. The outlook is stable. In addition, we raised the issue rating on IFCO’s EUR200 million notes due 2016 to ‘BBB’ from ‘BB-‘, and removed the recovery rating of ‘4’. This rating action follows the successful acquisition of the majority of shares in IFCO by Australia-based Brambles Ltd. (BBB+/Stable/–), a global player in pallet and container pooling services. The ratings on Brambles were unaffected.

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