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Moody's upgrades SMI
Moody's Investors Service said it upgraded to Ba1 from Ba2 the corporate family rating of NG Packaging & Recycling Corp. Holdings (SMI). The agency also raised to Ba1 from Ba2, San Miguel Industrias PET SA's $300 million of senior unsecured notes due in 2022. The outlook is stable.
These rating actions conclude the review started on July 21, Moody’s said.
“The upgrade reflects the successful placement of SMI's subsidiaries NG PET R&P Latin America, SA’s and San Miguel Industrias PET SA's $380 million senior unsecured notes due in August 2028 (Ba1 stable) on Aug. 3, 2021,” the agency said in a press release.
Proceeds will be used to repay debt including San Miguel Industrias' $300 million of senior unsecured notes due 2022.
“The stable outlook reflects Moody's expectation that SMI will reduce debt over the next 18 months and improve credit metrics,” the agency said.
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