Ardagh Cut Deeper Into Junk by Moody’s as Glass Unit Struggles

Ardagh Group SA was lowered deeper into junk territory by Moody’s Ratings as the packaging firm’s glass business continues to struggle.

Moody’s lowered the credit score for ARD Finance SA — the unit that sits atop the group’s corporate structure — from Caa1 to Caa2, eight rungs below investment grade, according to a statement on Tuesday.

Ardagh, which is owned by Irish billionaire Paul Coulson, has been grappling with a slower-than-expected recovery for its glass business ARGID. That’s led the firm to lower earnings guidance for the year to $600 million, significantly below the levels of 2023, Moody’s analysts ...