Sonoco Products Co.'s Proposed Senior Unsecured Notes Rated 'BBB', Placed On CreditWatch Negative

SAN FRANCISCO (S&P Global Ratings) Sept. 16, 2024--S&P Global Ratings today assigned its 'BBB' issue-level rating to Sonoco Products Co.'s proposed senior unsecured notes and placed the rating on CreditWatch with negative implications. We expect the company will use the proceeds from this transaction to partially fund its acquisition of Eviosys, which we expect will close later this year. We placed our ratings on Sonoco on CreditWatch negative due to our expectation for elevated debt leverage following the consummation of its acquisition. The CreditWatch reflects the elevated likelihood that we will lower our ratings on the company by one notch following the transaction. For more information, please see our most recent research update and bulletin on Sonoco, published June 24,

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