A focused portfolio of packaging products for the relatively stable food, beverage, and health care sectors. Solid position in the European packaging market, which is highly fragmented and competitive. A degree of exposure to the volatile cost of key raw materials, such as aluminum and plastic films. Improving financial ratios from the lower end of the aggressive financial risk profile category. Modest but improving free operating cash flow (FOCF) generation, driven by EBITDA expansion. Adequate liquidity profile, with long-term debt maturities and relatively strong EBITDA cash interest coverage. The stable outlook on Austria-based packaging and labels supplier Constantia Flexibles Holding GmbH (Constantia or the company) reflects our view that the company will exhibit a moderate reduction in leverage over the
