S&P rates Canpack notes BB

S&P said it assigned a preliminary BB long-term issuer credit rating to Canpack SA and preliminary BB issue rating to the proposed $1.1 billion senior unsecured notes issued by Canpack and Eastern PA Land Investment Holding LLC.

The outlook is stable.

“Canpack's business risk profile is supported by the company's strong market positions (especially in Eastern and Central Europe), long-standing customer relations, and well-invested asset base (with high utilization rates),” S&P said in a news release.

“Canpack’s financial risk profile reflects our expectations that leverage will increase to 3.7x by year-end 2022 from about 2.3x at year-end 2020 because of large capital investments (primarily in the U.S.),” the agency added in the release.

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