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Moody’s assigns Baa3 to WestRock
Moody's Investors Service said it assigned a Baa3 issuer rating to WestRock Co., the newly formed global packaging company resulting from the combination of Rock-Tenn Co. (Baa3 stable) and MeadWestvaco Corp. (Baa3 stable).
WestRock's new bank facilities (unrated) and the existing Rock-Tenn and MeadWestvaco senior unsecured bonds are cross guaranteed.
The outlook is stable.
"WestRock's Baa3 issuer rating is influenced by its significant scale, strong market positions across most of the primary corrugated and consumer packaging paper-based substrates and expected adjusted leverage of 2.5 to 3 times," Moody’s vice president and senior analyst Ed Sustar said in a news release.
WestRock has first- or second-market positions across most of the primary packaging substrates of linerboard, bleached paperboard, coated natural kraft and coated recycled board, providing it with a broad menu of products to offer to a diversified customer base, the agency noted.
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