Rexam hopes to stay investment grade with £350m rights issue
Rexam, the maker of beverage cans, is set to launch a £350m rights issue this week in a bid to maintain its investment grade credit rating, becoming the latest European company to turn to the equity markets to reduce its leverage ratios.
The company aims to bolster its balance sheet after its rating was cut to BBB- by S&P in February, while Moodys affirmed its Baa3 rating in March, but changed the outlook to stable.
The loss of an investment grade credit rating would be detrimental to the group, both
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