Fitch shifts NG outlook to positive

Fitch Ratings said it revised the outlooks for NG Packaging & Recycling Corp. Holdings SA, NG PET R&P Latin America SA and San Miguel Industrias PET SA to positive from stable.

The positive outlook reflects the group's resilient business model as a one-stop-shop for rigid plastic packaging, and an expectation it will maintain net leverage at or below 2.5x, the agency said.

Fitch said it estimates EBITDA to climb to nearly $180 million in 2022 from $163 million in 2021.

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