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Amcor Ratings Affirmed After Schmalbach-Lubeca Deal; Outlook Negative May 02
Standard & Poors, May 2002
Abstract
MELBOURNE (Standard & Poor's) May 8, 2002--Standard & Poor's said today that it has affirmed its triple-'B'-plus/'A-2' corporate credit ratings, guaranteed issue ratings, and bank loan ratings on diversified packaging group Amcor Ltd.; however, the rating outlook is revised to negative from stable. This action is a result of the company's announcement of the A$2.9 billion acquisition of the polyethylene terephthalate (PET) and closures operations of German-based Schmalbach-Lubeca. Amcor is expected to fund the acquisition through a combination of A$1.02 billion underwritten equity, A$700 million from the sale of Kimberly Clark Australia (KCA), a A$200 million underwritten convertible note issue, and debt. UBS Warburg Australia Ltd., which is a wholly owned and guaranteed subsidiary of UBS AG (double-'A'-plus/Stable/ -A-1'-plus), and...
Companies mentioned in this report are: Amcor Ltd.,UBS Advisory and Capital Markets Australia Ltd.,UBS AG
Action: Outlook Revised
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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