Outlook fades for paper firm LBOs

Standard & Poor’s revised its rating outlook to negative from stable on two European leveraged buy-outs on Tuesday. The paper and packaging firms Lecta and Smurfit Kappa will struggle to maintain their current ratings, the agency warned.

  • 25 Feb 2009

Irish cardboard packaging firm Smurfit Kappa’s BB rating has been affirmed but the outlook revised to negative. S&P said that it faces “significant challenges to improve operating performance”.

Kappa’s leverage ratio was about 4.3 times Ebitda at the end of 2008, up from 3.9 times in 2007. S&P thinks ...

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1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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5 Bank of America Merrill Lynch 1,226.20 5 6.94%