Top Investor Questions: U.S. Packaging Companies Mar 11
Standard & Poors, March 2011
Abstract
U.S. packaging companies have been making full use of favorable conditions in the capital markets. In 2010, several issuers stepped up share repurchases and acquisitions. And in recent months, Standard & Poor's Ratings Services has seen an increase in financing activity related to mergers and acquisitions (M&A) and leveraged buyouts (LBOs). We expect this trend to continue and despite the potential negative implications for credit quality, we expect sector ratings to remain stable or improve in 2011. To be sure, ratings are fairly low already--mostly speculative grade. The median rating for the sector is 'B', and about 67% of companies we rate are in the 'B' and 'CCC' categories. At the end of 2010, the number of investment-grade (rated 'BBB-'...
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Research Type: Commentary
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- Avery Dennison Corp.
- Bemis Co. Inc.
- Chesapeake Corp.
- Jefferson Smurfit Corp. (U.S.)
- Inland Paperboard & Packaging Inc
- 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.
- 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
- Fort Dearborn Co.
- Berry Plastics Corp.
- Hilex Poly Co. LLC
- 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.
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