...June 3, 2019 - W/S Packaging Holdings Inc. is issuing $2.59 billion of debt to help fund its purchase of Multi-Color Corp. - We are removing the ratings on W/S, including our 'B' issuer credit rating, from CreditWatch, where we placed them with negative implications on March 8, 2019, and are affirming them. We are assigning ratings to the new debt instruments. - As well, we are assigning 'B' issue-level and '3' recovery ratings on W/S' term loan B and senior secured notes, as well as 'B-' issue-level and '5' recovery ratings on the senior unsecured notes. - We intend to withdraw our ratings on Multi-Color following the close of the transaction. - The negative outlook reflects the high leverage, potential integration risks, and unrealized status of synergies associated with the acquisition. NEW YORK (S&P Global Ratings) June 3, 2019--S&P Global Ratings today took the rating actions listed above. The CreditWatch resolution and affirmation reflect our view that the degradation to W/S's credit...
