S&P: Greif unaffected

Standard & Poor's said that its ratings and outlook on Greif Inc. (BB+/stable) are not immediately affected by the company's announcement that it will acquire Blagden Packaging Group's steel drum manufacturing and closures business in Europe and Asia.

Given Greif's previous announcement of the Delta Petroleum Co., S&P said this transaction will put some pressure on leverage.

However, the agency said the acquisition bolsters Greif's position in industrial packaging business, and S&P expects Greif to continue to generate good earnings and free cash flow.

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