Fitch revises NG outlook to stable

Fitch Ratings said it revised its outlook for NG Packaging & Recycling Corp. Holdings SA (SMI) to stable from positive and affirmed its BB+ issuer rating. The agency also affirmed the unsecured notes co-issued by NG PET R&P Latin America SA and San Miguel Industrias PET SA at BB+. The notes are guaranteed by all material subsidiaries from NG Packaging & Recycling and NG Packaging & Recycling Corp. Holdings II SA(Sinea).

“Fitch projects SMI group's net leverage to remain stable at about 3x-3.5x in 2023 (3.1x including factoring in 2022) due to steady EBITDA and negative FCF. Fitch projects EBITDA (before IFRS16) to remain at about $163 million in 2023 based on lower profitability due to shift in the product mix, with an increase in non-container units that operate a lower margin, smaller formats and costs related to the new recycling operation,” the agency said in a press release.

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