Kleopatra Holdings 1 S.C.A. (KP), the ultimate holding company of German packaging manufacturer Kloeckner Pentaplast, underperformed relative to our expectations in 2017. We expect that the group's S&P Global Ratings-adjusted debt to EBITDA will deteriorate to 9.0x by year-end 2018, compared with our previous expectation of 7.5x. We are revising our outlook on KP to negative from stable and affirming our 'B' issuer ratings on KP, as well as our issue ratings on the group's debt. The negative outlook reflects the possibility of a downgrade if the group's lower-than-expected profitability results in EBITDA interest coverage of less than 2x or leads us to revise downward our business risk assessment. On March 26, 2018, S&P Global Ratings revised its outlook to
