Fitch lifts Smurfit Kappa Group

Fitch Ratings said it upgraded Smurfit Kappa Group’s long-term issuer default rating and senior unsecured ratings to BBB- from BB+.

“The upgrade reflects SKG’s strengthened financial structure, which is in line with an investment-grade rating, following new equity and expected debt repayments at year-end. It also reflects SKG’s plans to finance a new investment plan announced in November 2020 with both equity proceeds and cash flow. Fitch also expects funds from operations (FFO) net leverage to improve to close to 2x over the next three years,” Fitch said in a press release.

The outlook is stable.

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