Leading market position in paperboard tubes, cores, and packaging; Vertically integrated operations and product offerings in multiple substrates; Good breadth in end markets served under each product offering; Effective price-cost management; and Some exposure to cardboard and other raw material costs. Prudent financial policies; Consistent track record of strong free cash flow generation; and Appropriate use of cash for bolt-on acquisitions and potential shareholder rewards. The negative outlook reflects our view that there is a 1-in-3 chance of lower ratings for Sonoco during the next two years, as the company's appetite for debt-funded acquisitions to enhance its growth may result in its inability to sustain credit measures commensurate with the ratings. While Sonoco's funds from operations (FFO)-to-debt ratio has recovered
