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S&P rates Stone notes B
Standard & Poor's assigned its B rating to Stone Container Finance Co. of Canada II's $200 million of senior unsecured notes due 2014. The issuer is a wholly owned, special purpose financing subsidiary of Stone Container Corp. (B+/stable/--), a wholly-owned subsidiary of Smurfit-Stone Container Corp. (B+/stable/--).
Proceeds will be used to refinance $185 million of notes due in 2006 and to permanently reduce term loans.
S&P also affirmed all its ratings on Smurfit-Stone and its subsidiaries, Stone Container Corp., Jefferson Smurfit Corp. (U.S.) and Stone Container Finance Co. of Canada.
The outlook is stable.
S&P said the ratings Smurfit-Stone reflect its narrow product focus, industry cyclicality and high debt levels.
Credit measures are very weak, with debt to EBITDA of 9.7x, EBITDA interest coverage of 1.5x and negligible funds from operations to debt.
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