SIG Combibloc Group Upgraded To 'BBB-' From 'BB+' On Improved Credit Metrics; Outlook Stable - S&P Global Ratings’ Credit Research

SIG Combibloc Group Upgraded To 'BBB-' From 'BB+' On Improved Credit Metrics; Outlook Stable

SIG Combibloc Group Upgraded To 'BBB-' From 'BB+' On Improved Credit Metrics; Outlook Stable - S&P Global Ratings’ Credit Research
SIG Combibloc Group Upgraded To 'BBB-' From 'BB+' On Improved Credit Metrics; Outlook Stable
Published Mar 05, 2020
3 pages (1592 words) — Published Mar 05, 2020
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

Switzerland-domiciled aseptic carton packaging manufacturer SIG Combibloc Group AG (SIG) outperformed our expectations in 2019. At year-end 2019, its S&P Global Ratings-adjusted debt to EBITDA was 3.0x with funds from operations (FFO) to debt of 26%. We are therefore raising our long-term issuer credit rating on SIG to 'BBB-' from 'BB+'. We are also raising the issue rating on the company's secured debt to 'BBB-' from 'BB+', in line with the issuer credit rating. The stable outlook reflects our expectations that leverage will remain below 3.5x and FFO to debt above 25% over the next 24 months. LONDON (S&P Global Ratings) March 5, 2020-- S&P Global Ratings today took the rating actions listed above. SIG outperformed our leverage expectations for

  
Brief Excerpt:

...March 5, 2020 - Switzerland-domiciled aseptic carton packaging manufacturer SIG Combibloc Group AG (SIG) outperformed our expectations in 2019. - At year-end 2019, its S&P Global Ratings-adjusted debt to EBITDA was 3.0x with funds from operations (FFO) to debt of 26%. - We are therefore raising our long-term issuer credit rating on SIG to '###-' from '##+'. We are also raising the issue rating on the company's secured debt to '###-' from '##+', in line with the issuer credit rating. - The stable outlook reflects our expectations that leverage will remain below 3.5x and FFO to debt above 25% over the next 24 months. LONDON (S&P Global Ratings) March 5, 2020-- S&P Global Ratings today took the rating actions listed above. SIG outperformed our leverage expectations for 2019. For 2019, SIG generated higher-than-expected adjusted free operating cash flows (FOCF) primarily due to higher-than-forecast EBITDA growth and working capital inflows. As a result, its S&P Global Ratings-adjusted debt...

  
Report Type:

Ratings Action

Ticker
SIGN@SW
Issuer
SIG Combibloc Group AG
GICS
Paper Packaging (15103020)
Sector
Global Issuers
Country
Switzerland
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "SIG Combibloc Group Upgraded To 'BBB-' From 'BB+' On Improved Credit Metrics; Outlook Stable" Mar 05, 2020. Alacra Store. May 02, 2025. <http://www.alacrastore.com/s-and-p-credit-research/SIG-Combibloc-Group-Upgraded-To-BBB-From-BB-On-Improved-Credit-Metrics-Outlook-Stable-2393045>
  
APA:
S&P Global Ratings’ Credit Research. (). SIG Combibloc Group Upgraded To 'BBB-' From 'BB+' On Improved Credit Metrics; Outlook Stable Mar 05, 2020. New York, NY: Alacra Store. Retrieved May 02, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/SIG-Combibloc-Group-Upgraded-To-BBB-From-BB-On-Improved-Credit-Metrics-Outlook-Stable-2393045>
  
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