Constantia Flexibles Holding GmbH, an Austria-based packaging producer has completed the sale of its labels division to Multi-Color Corporation for about €1.15 billion. It has used the cash proceeds of about €830 million to reduce debt, in line with our expectations. In our view, the debt reduction overcompensates for the lost EBITDA of the disposed business, which, combined with management's view of the company's future leverage, leads us to believe that a stronger financial risk profile is likely to be sustainable. We are therefore raising our rating on Constantia to 'BB' from 'B+' and removing it from CreditWatch positive where it was placed on July 25, 2017. We are subsequently withdrawing the rating on the company's request. The outlook at
