S&P drops Portola

Standard & Poor's said it lowered its corporate credit rating on Portola Packaging Inc. to D from CCC-.

In addition, the agency said it lowered the senior unsecured ratings to D from C.

The downgrades follow Portola's announcement that it is restructuring its capital structure through a prepackaged Chapter 11 bankruptcy filing, S&P said.

Before the default, the rating on Portola's $180 million 8.25% senior unsecured notes was two notches below the corporate credit rating and the recovery rating was 6, the agency added.

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