S&P upgrades Mondi

Standard & Poor's said it raised Mondi Group’s long-term corporate credit rating and the issue ratings on its senior unsecured debt to BBB from BBB-.

The outlook is stable.

At the same time, the agency raised the rating on subsidiary Mondi Consumer Packaging International AG to BBB and then withdrew it at the issuer's request, following the repayment of outstanding debt at this level in 2014.

S&P said the upgrade primarily reflects Mondi's continuous improvement in operating performance and cash flows and the expectation that the group will continue to maintain stable profitability. It also reflects the agency’s view that Mondi's strategy of expanding in the stable consumer packaging segment partly mitigates the higher volatility inherent to its other business segments.

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