Fitch affirms Amcor

Fitch Ratings said it affirmed Amcor Ltd.'s long-term issuer default rating at BBB, along with its senior unsecured notes at BBB.

The outlook is stable.

The ratings are supported by the positive trend in Amcor's forward-looking leverage metrics with debt-to-EBITDAR expected to improve to 2.5x in 2011 from 3.2x in 2010 on the back of a full consolidation of recent acquisitions, Fitch said.

These positives are counterbalanced by Amcor's acquisitive growth strategy, relatively high dividend payout ratio and the commodity nature of its carbonated and soft drinks segment, the agency said.

Liquidity and near-term refinance risks are well-managed, Fitch said.

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