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BASIC INDUSTRIES: Amcor (AMCR Baa2*-/BBB/BBB+): Fitch Rating

BASIC INDUSTRIES
BulletCredit BulletsCEEMEASwitzerland
  • Fitch with a first-time rating of BBB+ stable; it previously rated agreed merger target Berry Global. Moody’s moved from outlook to watch negative on that announcement, with no action from S&P. Our initial expectation was no ratings action on the news, with ~0.4x leverage increase on the bigger entity.
  • Fitch is willing to give credit for scale and diversification benefits, and stable leverage track record.
  • It sees 3.6x proforma leverage pre synergies, returning to the 2.5-3x target range in the next 1-2 years helped by positive FCF.
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  • Fitch with a first-time rating of BBB+ stable; it previously rated agreed merger target Berry Global. Moody’s moved from outlook to watch negative on that announcement, with no action from S&P. Our initial expectation was no ratings action on the news, with ~0.4x leverage increase on the bigger entity.
  • Fitch is willing to give credit for scale and diversification benefits, and stable leverage track record.
  • It sees 3.6x proforma leverage pre synergies, returning to the 2.5-3x target range in the next 1-2 years helped by positive FCF.