Moody's assigns Baa3 to Rexam

Moody's Investor Service said it assigned a Baa3 senior unsecured issuer rating to Rexam plc.

This action is of technical nature and follows the recent termination of Rexam's euro medium-term note program and with it the withdrawal of the senior unsecured instrument rating of Baa3.

Concurrently, Rexam's junior subordinated instrument rating was affirmed at Ba2.

The outlook is stable.

Moody's said Rexam's Baa3 rating is supported by the size of the group's operations and its established market position in the consolidated and relatively resilient beverage can segment.

Rexam's balanced regional presence and its diversification into rigid plastic packaging for healthcare applications are also positively reflected in the rating. Moreover, the rating incorporates management's ongoing focus on cash generation, cost control and operating efficiency in order to protect profitability, as well as the group's evidenced commitment to an investment-grade rating, the agency said.

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