Industry Credit Outlook: The Credit Outlook For Global Packaging Is Relatively Stable Oct 10
Standard & Poors, October 2010
Abstract
The packaging companies we rate worldwide are overwhelmingly speculative grade (rated 'BB+' or lower). Standard & Poor's Ratings Services rates 39, but only six have investment-grade ratings, all in the 'BBB' category. And one of these, Pactiv Corp. (BBB/Watch Neg/--), could end up in speculative grade if Reynolds Group Holdings Ltd. (B+/Negative/--) acquires it as planned. We expect the ratings to remain relatively unchanged, however, as 26 companies, or two-thirds of the total, have stable outlooks. The rest are mostly negative. Six companies have negative outlooks and three are on CreditWatch negative, versus four positive outlooks. Although a disproportionate number of the negative outlooks and CreditWatches (four) relate to European companies, European issuers' ratings have stabilized somewhat since our last...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- 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.
- Amcor Ltd.
- Rio Tinto PLC
- 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.
- BWAY Corp.
- Impress Holdings B.V.
- AEP Industries Inc.
- Graham Packaging Co. L.P.
- Graham Packaging Holdings Co.
- 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.
- Kleopatra Lux 1 S.a.r.l
- Graphic Packaging Corp.
- Constar International Inc.
- CST Industries Inc.
- Graphic Packaging International Inc.
- Intertape Polymer Group Inc.
- Smurfit-Stone Container Corp.
- Ardagh Packaging Group Ltd.
- Pregis Corp.
- Yioula Glassworks S.A.
- Exopack Holding Corp.
- Altivity Packaging LLC
- Fort Dearborn Co.
- Berry Plastics Corp.
- U.S. Corrugated Inc.
- Berry Plastics Group Inc.
- Myers Industries Inc.
- Tegrant Corp.
- Boise Paper Holdings LLC
- LabelCorp Holdings Inc.
- Reynolds Group Holdings Ltd.
- Schoeller Arca Systems Holding B.V.
- BWAY Holding Co.
- Hilex Poly Co. LLC
- U.S. Can Corp.
- SF Holdings Group Inc.
- Printpack Holdings Inc.
- Consol Glass (Proprietary) Ltd.
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