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Industry Report Card: The Outlook For Packaging Companies Is Improving In The U.S., But Not In Europe Jul 10 Product Image

Industry Report Card: The Outlook For Packaging Companies Is Improving In The U.S., But Not In Europe Jul 10

  • ID: 2087624
  • July 2010
  • Region: Europe, United States
  • Standard & Poors

FEATURED COMPANIES

  • AEP Industries Inc.
  • Bemis Co. Inc.
  • Exopack Holding Corp.
  • IFCO Systems N.V.
  • Pactiv Corp.
  • Sonoco Products Co.
  • MORE

Abstract
Standard & Poor's Ratings Services expects the outlook for credit quality across the global packaging industry to be mixed for the remainder of 2010. We expect modest improvement in the U.S., while credit quality of European packaging companies remains weak with some issuers at risk for a downgrade. Overall, the distribution of outlooks and CreditWatch listings in the sector is 16% positive, 26% negative, and 58% stable (see charts 1 and 2). The proportion of negative outlooks has remained relatively flat over the past year, while the proportion of positive outlooks is up to 16% currently from 6% in July 2009. The positive momentum incorporates gradually improving operating performance among U.S. packaging companies and refinancing actions they have taken to...

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.

Note: Product cover images may vary from those shown

- Bemis Co. Inc.
- Owens-Illinois Inc.
- Crown Holdings Inc.
- Sonoco Products Co.
- Silgan Holdings Inc.
- Amcor Ltd.
- AEP Industries Inc.
- Ball Corp.
- Pactiv Corp.
- IFCO Systems N.V.
- Solo Cup Co.
- Intertape Polymer Group Inc.
- Ardagh Packaging Group Ltd.
- Yioula Glassworks S.A.
- Exopack Holding Corp.
- Fort Dearborn Co.
- Tegrant Corp.
- Hoffmaster Group Inc.
- LabelCorp Holdings Inc.
- Reynolds Group Holdings Ltd.
- Schoeller Arca Systems Holding B.V.
- BWAY Holding Co.
- Mondi Consumer Packaging International AG

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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