Smurfit Kappa GrpPLC Statement re Credit rating upgraded by Moody's and Fitch

 
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Smurfit Kappa credit rating upgraded by Moody's and Fitch

1 December 2014: Smurfit Kappa Group plc ("SKG" or the "Group"), one of the world's largest integrated manufacturers of paper-based packaging products with operations in Europe and the Americas, welcomes the upgrade of its credit rating to "Ba1" from "Ba2" by Moody's Investors Service and to "BB+" from "BB" by Fitch Ratings. The rating actions follow the upgrade to BB+ by Standard & Poor's in February 2014.

Ian Curley, Group Chief Financial Officer, commented, "The upgrades by Moody's and Fitch confirm the delivery of one of the Group's key financial objectives; a strong and low-cost capital structure which will provide a solid base to grow the business over the near and medium term. The Group's progress to this point reflects its capacity for consistent operational performance and free cashflow generation through the cycle supported by our geographic diversity, our unrelenting focus on cost efficiency and our integrated business model."

About Smurfit Kappa

Smurfit Kappa is one of the leading producers of paper-based packaging in the world, with around 41,000 employees in approximately 350 production sites across 32 countries and with sales revenue of EUR8 billion in 2013.

Innovation, service and pro-activity towards customers, using sustainable resources, is our primary focus. This focus is enhanced through us being an integrated producer, with our packaging plants sourcing the major part of their raw materials from our own paper mills. We are the European leader in paper-based packaging, operating in 21 countries selling products including corrugated, containerboard, bag-in-box, solidboard and solidboard packaging. We have a growing base in Eastern Europe in many of these product areas. We also have a key position in other product/market segments including graphicboard, MG paper and sack paper.

We are the only large scale pan regional player in the Americas, operating in 11 countries in total in North, Central and South America.

ENDS

 
Contacts 
Seamus Murphy                   FTI Consulting 
Smurfit Kappa Group 
 
Tel: +353 1 202 71 80           Tel: +353 1 663 36 86 
 
E-mail: ir@smurfitkappa.com     E-mail: smurfitkappa@fticonsulting.com 
 
 
 
 
This information is provided by Business Wire

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