Global packaging giant Amcor PLC's completion of its all-stock acquisition of U.S.-based consumer packaging company Berry Global Group Inc. is supportive of the rating. Post acquisition, Berry Global Group Inc. and Berry Global Inc. will operate as wholly owned subsidiaries of Amcor. We expect Amcor's pro forma S&P Global Ratings' adjusted ratio of net debt to EBITDA to increase to about 3.9x, which is outside our expectations for the 'BBB' rating. However, we view this as a temporary spike and that management will prioritize financial deleveraging. On May 2, 2025, S&P Global Ratings affirmed its long-term issuer credit rating on Amcor at 'BBB' and its short-term issuer credit rating at 'A-2'. We also affirmed the 'BBB' issue-level ratings on the
