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Credit Themes: M&A And Higher Raw Material Costs Could Change Our Mostly Stable Outlook On U.S. Packaging Feb 12 Product Image

Credit Themes: M&A And Higher Raw Material Costs Could Change Our Mostly Stable Outlook On U.S. Packaging Feb 12

  • Published: February 2012
  • Standard & Poors

FEATURED COMPANIES

  • 3M Co.
  • Berry Plastics Group Inc.
  • CST Industries Inc.
  • Jefferson Smurfit Corp.
  • Portola Packaging Inc.
  • SF Holdings Group Inc.
  • MORE

Abstract
Credit quality in the U.S. packaging sector will remain relatively stable in 2012, in our view. About 68% of packaging companies we rate have stable outlooks vs. about 16% that have negative outlooks or are on CreditWatch with negative implications--about the same proportion of negative outlooks as in early 2011. Still, opportunities for mergers and acquisitions (M&A) and leveraged buyouts (LBOs), plus the prospect of higher raw material costs could lead us to take a few negative rating actions this year. (Watch the related CreditMatters TV segment titled, "How M&A And Higher Raw Material Costs Could Affect U.S. Packaging Companies," dated Feb. 15, 2012.) Most U.S. packaging companies improved their operating performance in 2011 over the prior year, despite rising...

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 READ MORE >

- Avery Dennison Corp.
- Bemis Co. Inc.
- Chesapeake Corp.
- Jefferson Smurfit Corp. (U.S.)
- Inland Paperboard & Packaging Inc
- 3M Co.
- Owens-Illinois Inc.
- Packaging Corp. of America
- Union Camp Corp.
- Stone Container Corp.
- Crown Holdings Inc.
- Temple-Inland Inc.
- Viskase Cos. Inc.
- Sonoco Products Co.
- Gaylord Container Corp.
- Silgan Holdings Inc.
- Sealed Air Corp.
- Jefferson Smurfit Corp.
- United States Can Co.
- Riverwood International Corp.
- Ivex Packaging Corp.
- ACX Technologies Inc.
- Applied Extrusion Technologies Inc.
- Berry Plastics Corp. (old)
- Rock-Tenn Co.
- Portola Packaging Inc.
- Box USA Holdings Inc.
- Printpack Inc.
- Radnor Holdings Corp.
- Tekni-Plex Inc.
- U.S. Can Corp.
- BWAY Corp.
- AEP Industries Inc.
- Graham Packaging Co. L.P.
- Graham Packaging Holdings Co.
- SF Holdings Group Inc.
- Ball Corp.
- Caraustar Industries Inc.
- Smurfit-Stone Container Corp.
- Consolidated Container Co. LLC
- Consolidated Container Capital Inc.
- Pactiv Corp.
- Solo Cup Co.
- Greif Inc.
- Port Townsend Paper Corp.
- Plastipak Holdings Inc.
- Plastipak Packaging Inc.
- Owens Illinois Group Inc.
- Graphic Packaging Corp.
- Printpack Holdings Inc.
- Constar International Inc.
- CST Industries Inc.
- Graphic Packaging International Inc.
- Intertape Polymer Group Inc.
- Smurfit-Stone Container Corp.
- Pregis Corp.
- Exopack Holding Corp.
- Multi Packaging Solutions Inc.
- Altivity Packaging LLC
- Berry Plastics Corp.
- U.S. Corrugated Inc.
- Berry Plastics Group Inc.
- Myers Industries Inc.
- Tegrant Corp.
- Hoffmaster Group Inc.
- Boise Paper Holdings LLC
- Reynolds Group Holdings Ltd.
- BWAY Holding Co.
- Pretium Packaging LLC

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