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S&P puts Smurfit Kappa on positive watch
S&P said it placed its BBB- ratings on Smurfit Kappa Group plc on CreditWatch with positive implications.
SKG agreed to merge with WestRock Co. to create a company with forecasted annual sales of $30 billion–$35 billion and EBITDA of roughly $5.5 billion.
“We believe that the merger is credit positive because it could lead to an improvement in our business risk profile assessment, supported by the combined group (Smurfit WestRock)'s enlarged scale, product scope, and geographical diversification, and only partly offset by slightly weaker credit metrics,” S&P said in a press release.
S&P said it aims to resolve the positive watch once the deal is completed.
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