Moody's affirms Amcor

Moody's Investors Service said it affirmed the Baa2/prime-2 issuer/senior unsecured and short-term commercial paper ratings of Amcor Ltd.

The outlook was revised from developing to stable.

The change in outlook follows the closing of Amcor's purchase of Alcan Packaging assets from Rio Tinto plc, Moody's said.

Prior to the transaction, Amcor's outlook was negative but the acquisition strengthens the group's financial profile, the agency said.

The greater scale and cost efficiencies of the combined group are expected to deliver a material improvement in Amcor's operating profile, Moody's said.

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