Fitch: Smurfit Kappa unchanged

Fitch Ratings said the proposed amendment to Smurfit Kappa Group's senior debt would be positive for the group, due to higher financial flexibility and improved maturity profile, but will have no impact on its ratings.

The company has proposed an amend-and-extend agreement to its bank lenders, Fitch said.

In 2011, the company's credit metrics continued improving, thanks to debt reduction and EBITDA improvement, the agency said.

Its cash generation was strong with a free cash flow of €391 million, which was better than anticipated. That was due to a more favorable trend for working capital, Fitch said.

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