Summary: Sonoco Products Co.

Leading market position in paperboard tubes, cores, and packaging Vertically integrated operations and effective price-cost management Good geographic diversity and broad end markets under each product offering A consistent track record of strong free cash flow generation Management's commitment to maintaining prudent financial policies Free cash flow to be used for potential shareholder rewards and bolt-on acquisitions Standard&Poor's Ratings Services derives its 'BBB+' corporate credit rating on Sonoco Products Co. from its anchor of 'bbb+', based on its "strong" business risk and "intermediate" financial risk profile assessments for the company. Our 'bbb+' anchor score (rather than 'a-' anchor score) is based on our belief that the company's business risk profile remains on the lower end of our strong

...Standard & Poor's Ratings Services derives its '###+' corporate credit rating on Sonoco Products Co. from its anchor of '###+', based on its "strong" business risk and "intermediate" financial risk profile assessments for the company. Our '###+' anchor score (rather than 'a-' anchor score) is based on our belief that the company's business risk profile remains on the lower end of our strong category. Because the company operates in the packaging industry, its business is exposed to certain business cycles and industrial markets, such as textile, construction, and paper, which exhibit some levels of cyclicality during downturns. Our analytical modifiers had no impact on the rating outcome....

Summary