| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers R > Headlines for Rock-Tenn Co. > News item |
S&P ups Rock-Tenn
Standard & Poor's said it raised its ratings on Rock-Tenn Co. and removed all ratings from CreditWatch, where they were placed with positive implications on June 15.
The agency lifted Rock-Tenn's corporate credit and senior secured ratings to BB+ from BB and its senior unsecured rating to BB- from B+.
The outlook is stable.
The upgrade reflects improved operating results and credit measures over the past year due to the acquisition of Gulf States Paper Corp. in mid 2005, S&P said. The merger resulted in synergies and greater vertical integration, as well as better leveraging of Rock-Tenn's fixed costs in a favorable sales pricing environment, the agency said.
Debt reduction has exceeded S&P's expectations, with a debt-to-EBITDA ratio improving to 2.7 times, the agency said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.