Klöckner Pentaplast - comment

S&P view the reasonably generous offer to the SUNs as a distressed exchange and have lowered their rating to CCC-. We do not foresee a vast change for the SUNs, but wonder what the downgrade of the issuers: Kloeckner Pentaplast of America Inc. (Term Loans) and Kleopatra Finco S.a.r.l. (SUNs and SSNs) will do to the second half of the restructuring/financing.