This report does not constitute a rating action. This is supported by characteristics of the industry, including supply chains that typically source materials in the region they produce, and manufacturing facilities that are located in close proximity to customers, limiting the amount of direct tariff exposure. However, issuers that use aluminum and steel inputs will have some direct effects from tariffs. Though beverage cans are mostly made from recycled aluminum, primary aluminum input is generally imported. However, we expect companies will pass-throughs costs to customers in the form of higher prices, which we believe will be effective enough to offset most of the cost increase. Containerboard products issuers are largely vertically integrated into their box operations, but manufacturers export a
