3 March 2014
Smurfit Kappa, one of the world's largest integrated manufacturers of paper-based packaging products, notes last Friday’s press release by Standard & Poor's (S&P) and welcomes the upgrade of its credit rating to "BB+" from "BB".
Ian Curley, Group Chief Financial Officer, commented, "We set an objective of achieving a BB+ credit rating some years ago and we welcome the upgrade by S&P.
It reflects the Group's progress in materially strengthening its capital profile and transitioning from a leveraged company to a corporate credit.
This progress has been made possible by the strong free cash flow generated through a robust operational performance, decisive capital allocation and successful refinancing activities and has expanded the range of strategic and financial options. "