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Research Update: Smurfit Kappa Upgraded To 'BB' On Revised Business Risk, Debt Reduction, And Debt Maturity Extension; Outlook Stable Feb 12
Standard & Poors, February 2012
We believe that Ireland-based paper and packaging producer Smurfit Kappa Group PLC will continue to generate substantial positive free operating cash flow, allowing for adjusted debt reductions, despite macroeconomic uncertainties, and we are revising our assessment of the group's business risk profile to satisfactory from fair. We consider the group's focus on reducing debt and extending its maturity profile as supporting factors for the aggressive financial risk profile. We are raising our long-term corporate credit rating on Smurfit Kappa to 'BB' from 'BB-'. The stable outlook primarily reflects our base-case assumption that Smurfit Kappa's operating performance will not weaken materially despite an uncertain macroeconomic and operating environment. On Feb. 13, 2012 Standard & Poor's Ratings Services raised its long-term corporate...
Companies mentioned in this report are: Smurfit Kappa Group PLC,Smurfit Kappa Packaging Ltd.,Smurfit Kappa Treasury Funding Ltd.,Smurfit Kappa Funding PLC,Smurfit Kappa Acquisitions
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Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Smurfit Kappa Group PLC,Smurfit Kappa Packaging Ltd.,Smurfit Kappa Treasury Funding Ltd.,Smurfit Kappa Funding PLC,Smurfit Kappa Acquisitions