The ratings on Switzerland-based aseptic-carton packaging supplier SIG Holding AG (SIG) and related entities are constrained by the company's highly leveraged financial risk profile, its exposure to volatile raw material prices, and relatively high capital intensity. Nevertheless, Standard&Poor's Ratings Services considers SIG's business risk profile satisfactory because of the group's leading position as the second-largest global player in the lucrative and highly consolidated aseptic-carton packaging market, its proven annuity-type business model, and long-standing relationships with customers. The ratings also reflect relatively recession-resistant end markets and the company's good profitability. In 2008, SIG generated sales of €1.25 billion. Despite difficult market conditions, SIG continued its profitable growth in 2008, with sales and EBITDA up by 2% and 18% year
