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Industry Credit Outlook: The Credit Quality Of Global Packaging Companies Continues To Sink Apr 09 Product Image

Industry Credit Outlook: The Credit Quality Of Global Packaging Companies Continues To Sink Apr 09

  • Published: April 2009
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services expects credit quality in the global packaging industry to continue to decline through the rest of the year, particularly at the speculative-grade rating levels. And the pace of the decline, which began a few years ago, seems to be quickening: In the past three months, out of 35 issuers, we downgraded five and upgraded only one. Concerns about covenant compliance and liquidity continued to be key factors behind several of the negative rating actions we took from mid-December 2008 through April 2009. We've witnessed six defaults since the beginning of 2008, and defaults in the packaging sector are likely to continue in 2009, as companies grapple with weaker operating trends, liquidity problems, and potential covenant...

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 READ MORE >

Avery Dennison Corp.,Owens-Illinois Inc.,Crown Holdings Inc.,Viskase Cos. Inc.,Silgan Holdings Inc.,Sealed Air Corp.,Rexam PLC,BWAY Corp.,Pliant Corp.,AEP Industries Inc.,Graham Packaging Holdings Co.,Ball Corp.,Pactiv Corp.,Solo Cup Co.,Constar International Inc.,Intertape Polymer Group Inc.,Pregis Corp.,Yioula Glassworks S.A.,Exopack Holding Corp.,Treofan Holdings GmbH,Tegrant Corp.

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