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Fitch rates Ball Corp.'s facilities BB+
Fitch Ratings said it has assigned BB+ ratings to Ball Corp.'s new senior secured credit facilities, which will replace the company's previous credit agreements.
The new senior secured credit facilities consist of $715 million multi-currency revolver, $35 million Canadian revolver, £85 million term A loan, €350 million term B loan and C$175 million term C loan.
The company's issuer default rating is BB and the company's senior unsecured notes are rated BB. The outlook is positive.
The ratings incorporate Ball's leading market positions, stable end-markets and customers, a strong asset base, improving margin performance and strong free cash flow generation, Fitch said.
Concerns include higher share repurchases, potential for further acquisitions, higher capital expenditures and higher costs, Fitch said.
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