Smurfit Kappa Upgraded To 'BB' On Revised Business Risk, Debt Reduction, And Debt Maturity Extension; Outlook Stable Feb 12

Standard & Poors, February 2012

Abstract
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. STOCKHOLM (Standard & Poor's) Feb. 13, 2012--Standard & Poor's Ratings Services said today...

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
Action: Upgraded

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.

Smurfit Kappa Group PLC,Smurfit Kappa Packaging Ltd.,Smurfit Kappa Treasury Funding Ltd.,Smurfit Kappa Funding PLC,Smurfit Kappa Acquisitions

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