S&P downgraded Ardagh Group while restructuring talks are ongoing.

Luxembourg-based metal and glass packaging manufacturer Ardagh Group S.A. announced two restructuring proposals under review by creditors on March 11, 2025. S&P Global Ratings has downgraded the long-term issuer credit ratings of Ardagh Group S.A., ARD Finance S.A., Ardagh Packaging Holdings Ltd., and Ardagh Packaging Group Ltd. from 'CCC-' to 'CC', as no agreement has been reached and discussions are ongoing. The ratings for Ardagh Metal Packaging Finance PLC and its debts remained unchanged.

These actions reflect S&P's view that Ardagh's capital structure is unsustainable, stemming from a four-year history of negative free operating cash flow and a high debt burden, which weaken the refinancing prospects for $2.5 billion bonds maturing in August 2026. Ardagh is currently exploring debt restructuring options with creditors, and S&P believes that ongoing negotiations are likely to result in a troubled restructuring process.