Hartsville, S.C.-based packaging company Sonoco Products Co. is acquiring Clear Lam Packaging Inc. We are affirming our ratings on Sonoco and are revising the outlook to negative from stable. The negative outlook reflects the 1-in-3 potential that we will lower our ratings on Sonoco over the next two years if the company's funds from operations (FFO)-to-debt ratio is not at least 35% on a run-rate basis. On June 26, 2017, S&P Global Ratings revised its outlook on Sonoco Products Co. to negative from stable and affirmed all of its ratings on the company. The negative outlook reflects the 1-in-3 potential that we will lower our ratings on Sonoco over the next two years because its proclivity for debt-funded acquisitions could
