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S&P ups, withdraws Multi Packaging
S&P said it affirmed the ratings, including its BBB corporate credit rating, on WestRock Co. and removed them from CreditWatch, where they were originally placed with negative implications on Jan. 24.
The outlook is stable.
The agency also raised the ratings on Multi Packaging Solutions Ltd. to BBB from B+ and removed them from CreditWatch, where they were originally placed with positive implications on Jan. 24.
The outlook on Multi Packaging was revised to stable.
S&P subsequently withdrew all ratings on Multi Packaging.
"The affirmation and CreditWatch resolution reflect our view that WestRock will integrate the $2.3 billion acquisition of Multi Packaging Solutions Ltd. (MPS) smoothly and will achieve $85 million of annual synergies by the end of the next three years, as contemplated by management," S&P credit analyst James Siahaan said in a news release.
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