TEXT-S&P rates Reynolds Group Holdings senior scrd debt

(The following statement was released by the rating agency)

Sept. 14 - Standard & Poor's Ratings Services today assigned its 'B+' issue-level rating and '2' recovery rating to New Zealand-based packaging producer Reynolds Group Holdings Ltd.'s proposed senior secured notes due 2020 and proposed senior secured term loans. The existing ratings on Reynolds are unchanged. The outlook remains stable. Reynolds will use the notes and new term loan proceeds to repay existing senior secured term debt. The ratings on Reynolds reflect our assessment of the company's "strong" business risk and "highly leveraged" financial risk profile. Reynolds is a market leading provider of food and beverage packaging owned by Rank Group, a New Zealand-based investment firm controlled by a single individual. The company is one of the world's leading and most-diversified consumer and foodservice packaging providers, with annual revenues of nearly $14 billion, pro forma for the September 2011 acquisition of Graham Packaging Holdings Co. for $4.5 billion. We expect credit measures to strengthen to the appropriate 6.5x we consider consistent with the rating. For the latest corporate credit rating rationale, see Standard & Poor's summary analysis on Reynolds Group Holdings Ltd. published Sept. 7, 2012. For the complete recovery analysis, see Standard & Poor's recovery report on Reynolds to be published on RatingsDirect following the release of this report. RELATED RESEARCH AND CRITERIA

-- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011

-- Criteria Guidelines For Recovery Ratings, Aug. 10, 2009.

-- Criteria Methodology: Business Risk/Financial Risk Matrix Expanded, May 27, 2009

-- Corporate Ratings Criteria 2008, published April 15, 2008.

-- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008 RATINGS LIST Reynolds Group Holdings Ltd. Corporate credit Rating B/Stable/-- New Ratings Reynolds Group Issuer Inc. Reynolds Group Issuer LLC Reynolds Group Issuer (Luxembourg) S.A. Senior secured notes due 2020 B+

Recovery rating 2 Reynolds Group Holdings Inc. Reynolds Consumer Products Holdings Inc. Sig Euro Holding AG & Co. KGAA Sig Austria Holding GMBH Pactiv Corp. Senior secured term loans B+

Recovery rating 2 Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column. Primary Credit Analyst: Liley Mehta, New York (1) 212-438-1263;

liley_mehta@standardandpoors.com Secondary Contact: Cynthia M Werneth, CFA, New York (1) 212-438-7819;

cindy_werneth@standardandpoors.com (Reporting By Hilary Russ)