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Roughly $18 billion of rated financial obligation influenced

New York, February 19, 2015– Moodys Investors Service (Moodys) validated the B3 business family
rating, B3-PD probability of default rating and other instrument
ratings of Reynolds Group Holdings Limited (RGHL) and its subsidiaries.
The score outlook is steady. The verification follows RGHLs statement
that it prepares to use 100 % of the earnings from the pending sale
of the SIG division for financial obligation reduction. This concludes the testimonial
for downgrade started on November 25, 2014.

On February 17, 2015, RGHL revealed the beginning of offers
to purchase senior protected notes and senior unsecured notes with the earnings
from the sale of the SIG division. The quantity of money proceeds
(net of certain adjustments explained in the indentures governing the
notes) to be gotten at the closing of the SIG personality is presently
estimated to be $4.15 billion. The business plans
to openly reveal the precise quantity of the earnings at least 6 company
days prior to the closing of the SIG personality. In addition,.
RGHL is simultaneously looking for an amendment to the term loan center credit.
arrangement to enable the business to use the asset sale continues to pay down.
higher coupon notes instead of term loans.

Moodys confirmed the following scores:.

Reynolds Group Holdings Limited.

– B3 corporate family rating.

– B3-PD probability of default score.

Reynolds Group Holdings Inc.

-All senior secured facilities, B1 (LGD2).

Beverage Packaging Holdings (Luxembourg) II SA,.
(Co-Issued by Drink Product packaging Holdings II Issuer Inc.
(UNITED STATE)).

-All senior unsecured notes, Caa2 (LGD5).

-All senior subordinated notes, Caa2 (LGD6).

Reynolds Group Issuer Inc., (Co-Issued by Reynolds.
Group Issuer LLC, Reynolds Group Issuer (Luxembourg) SA).

-All senior secured notes, B1 (LGD2).

-All senior unsecured notes, Caa2 (LGD5).

Pactiv Corporation.

-All senior unsecured notes, Caa2 (LGD6).

The outlook is stable.

RATINGS REASONING.

The verification of RGHL and its subsidiaries ratings reflects managements.
pledge to use 100 % of the earnings from the pending sale of the.
SIG department for financial obligation decrease. While leverage is expected to.
remain above 7.0 times over the near-term, RGHL is.
expected to remain to improve its operating performance, pay for.
financial obligation and enhance credit metrics. Furthermore, the company.
is expected to continue to service good liquidity. Totally free money flowcapital.
to financial obligation is also anticipated to enhance at least somewhat following the conclusion.
of the tender offer. Specific instrument scores may alter depending.
upon which debt the company repays.

The B3 corporate household rating reflects RGHLs weak credit metrics,.
lengthy raw product cost pass-through arrangements and the concentration.
of sales. The score also reflect the companys acquisitiveness.
and financial aggressiveness. The business has an intricate capital.
and organizational structure and restricted openness into its different.
segments. RGHL runs in a fragmented and competitive market.
and has a significant percentage of commodity products. The business.
is had by a single individual-financier Graeme Hart.

Strengths in the companys profile include its strong brands and market.
positions in certain segments, scale and high percentage of blue-chip.
consumers. Scale, as determined by earnings, is considerable.
for the market and assists RGHL lower its raw product costs. The.
business likewise has high exposure to food and beverage product packaging.
RGHL likewise maintains adequate liquidity with a large money balance on hand.

The steady outlook reflects an expectation that RGHL will continue to.
enhance its operating efficiency, pay for financial obligation and enhance credit.
metrics.

The ratings might be downgraded if there is degeneration in credit metrics,.
liquidity or the competitive and operating environment. The scores.
could also be downgraded if the company pays a dividend or undertakes.
any substantial acquisition. Particularly, the ratings could.
be downgraded if financial obligation to EBITDA stays above 7.0 times,.
EBIT to interest cost declined below 1.0 time, and free.
cash flowcapital to debt remained below 1.0 %.

The rating might be updated if RGHL sustainably enhances its credit metrics.
within the context of a steady operating and competitive environment while.
maintaining sufficient liquidity including adequate cushion under monetary.
covenants. Specifically, RGHL would need to improve financial obligation.
to EBITDA to below 6.3 times, EBIT to interest expense to.
a minimum of 1.4 times and totally free cash circulation to debt to above 3.5 %.
while maintaining the EBIT margin in the high single digits.

The primary approach made use of in these scores was International Product packaging Manufacturers:.
Metal, Glass, and Plastic Containers published in June 2009.
Other approaches utilized consist of Loss Offered Default for Speculative-Grade.
Non-Financial Companies in the US, Canada.
and EMEA published in June 2009. Kindly see the Credit Policy page.
on www.moodys.com for a copy of these approaches.

REGULATORY DISCLOSURES.

For ratings issued on a program, series or category/class of financial obligation,.
this announcement provides specific regulatory disclosures in relation.
to each rating of a consequently issued bond or note of the exact same series.
or category/class of debt or pursuant to a program for which the ratings.
are derived specifically from existing scores in accordance with Moodys.
rating practices. For ratings provided on a support company,.
this announcement supplies certain regulative disclosures in relation.
to the score action on the support carrier and in relation to each specific.
score action for securities that derive their credit scores from the.
support companies credit score. For provisional scores,.
this statement provides particular regulatory disclosures in relation.
to the provisional rating assigned, and in relation to a conclusive.
score that might be assigned subsequent to the last issuance of the financial obligation,.
in each case where the transaction structure and terms have not changed.
prior to the assignment of the conclusive score in a manner that would.
have actually influenced the score. For more information kindly see the.
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or ranked entities receiving direct credit.
support from the main entity(ies) of this score action, and.
whose ratings might change as an outcome of this rating action, the.
associated regulative disclosures will certainly be those of the guarantor entity.
Exceptions to this strategy exist for the following disclosures,.
if suitable to jurisdiction: Ancillary Services, Disclosure.
to rated entity, Disclosure from rated entity.

Regulatory disclosures included in this press release apply to the credit.
score and, if appropriate, the relevant rating outlook or score.
testimonial.

Kindly see www.moodys.com for any updates on changes to.
the lead rating analyst and to the Moodys legal entity that has released.
the rating.

Kindly see the scores tab on the issuer/entity page on www.moodys.com.
for extra regulative disclosures for each credit rating.

Edward Schmidt
Vice President – Senior Expert
Corporate Finance Group
Moodys Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
REPORTERS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Brian B Oak
MD – Business Finance
Business Finance Group
REPORTERS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Workplace:
Moodys Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
CUSTOMERS: 212-553-1653

New York City–(COMPANY WIRE)– Fitch Scores has designated the following score to NZCG Funding Ltd./ LLC:

–$514,000,000 class A-1 keeps in mind AAAsf; Outlook Steady.

Fitch does not rate the class A-2, B, C, or D notes or chosen
securities.

DEAL SUMMARY

NZCG Funding Ltd. and NZCG Financing LLC (together, NZCG Funding) comprise
an arbitrage money circulation collateralized loan responsibility (CLO) that will certainly be
handled by Guggenheim Partners Financial investment Management, LLC (GPIM). Net
earnings from the issuance of notes will be used to buy collateral
to reach a target portfolio of around $845 million of primarily
senior protected leveraged loans. The CLO will have a four-year
reinvestment duration that may be extended for approximately an added 5
years.

SECRET RATING DRIVERS

Sufficient Credit Improvement: Credit enhancement (CE) of 39.2 % for
course A-1 notes, in addition to excess spread, is enoughsuffices to secure
against portfolio default and recuperation rate estimates in the AAAsf
anxiety scenario. The level of CE for class A-1 notes is above the
average for current CLO issuances.

B/B- Asset Quality: The typical credit quality of the indicative
portfolio is B/B-; while this is a common score category variety, the
initial target weighted typical Moodys rating element is the highest of
equivalent Fitch-rated CLOs. Issuers rated in the B rating classification
denote relatively weak credit quality; however, in Fitchs viewpoint,.
course A-1 notes are unlikely to be impacted by the foreseeable level of.
defaults. Course A-1 notes are durable against default rates of up to.
65.4 %.

Strong Recovery Expectations: The indicative portfolio consists of 93.5 %.
senior protected loans. Approximately 87.8 % of the a sign portfolio.
has strong recovery prospects or a Fitch-assigned Recuperation Rating of.
RR2 or higher and the base case recovery presumption is 73.8 %. In.
identifying ratings for course A-1 notes, Fitch stressed the a sign.
portfolio by presuming a greater portfolio concentration of possessions with.
lower recuperation prospects and further lowered recovery assumptions for.
higher rating tensions resulting in a 35.4 % recuperation rate assumption in.
Fitchs AAAsf scenario.

SCORE LEVEL OF SENSITIVITIES.

Fitch evaluated the structures sensitivity to the prospective variability.
of crucial design assumptions, consisting of declines in recovery rates and.
increases in default rates or correlation. Fitch anticipates the class A-1.
notes to stay financial investment grade even under the most severe sensitivity.
situations. Results under these sensitivity circumstances ranged between.
A+sf and AAAsf for the class A-1 notes.

Sources of info made use of to assess these ratings were supplied by the.
arranger, Citigroup Global Markets Inc., and the general public domain. Secret.
Score Drivers and Rating Level of sensitivities are additional explained in the.
going along with brand-new concern report which will be available shortly to.
investors on Fitchs website at www.fitchratings.com.

For more detailsTo find out more about Fitchs comprehensive subscription service.
FitchResearch, which consists of all presale reports, monitoring and.
credit reports on more than 20 asset courses, contact product sales at.
+1 -212 -908 -0800 or at webmaster@fitchratings.com.

Additional details is readily available at www.fitchratings.com.

Applicable Criteria and Related Research study:.

— Global Structured Finance Score Criteria (Aug. 4, 2014);.

— Worldwide Score Criteria for Corporate CDOs (July 25, 2014);.

— Criteria for Interest Rate Stresses in Structured Finance.
Transactions and Covered Bonds (Dec. 19, 2014);.

— Counterparty Criteria for Structured Finance and Covered Bonds (May.
14, 2014).

Applicable Criteria and Related Research:.

Worldwide Structured Finance Score Criteria.

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389.

Global Rating Criteria for Business CDOs.

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753057.

Criteria for Interest Rate Stresses in Structured Finance Transactions.

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=695535.

Counterparty Criteria for Structured Finance and Covered Bonds.

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158.

Additional Disclosure.

Solicitation Condition.

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=980368.

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