The ratings on Switzerland-based aseptic carton packaging supplier SIG Holding AG (SIG) and related entities reflect the company's highly leveraged financial profile and weak coverage ratios, its exposure to volatility in raw-material prices, and relatively high capital intensity. These factors are mitigated by SIG's satisfactory business risk profile, derived from its leading positions in a highly consolidated market for aseptic carton packaging, proven annuity-type business model, long-standing relationships with customers, and good profitability. SIG generated €1.4 billion in revenues in the 12 months to Sept. 30, 2007. SIG's financial profile is highly leveraged, reflecting its LBO by Rank Group Holdings Limited, an investment company based in New Zealand, in May 2007. At Sept. 30, 2007, the company had total debt
