Moody’s upgrades Mondi, debt

Moody's Investors Service said it upgraded the issuer rating of Mondi plc to Baa1 from Baa2.

Concurrently, the agency upgraded the rating of senior unsecured euro medium-term note program issued by Mondi Finance plc, a subsidiary guaranteed by Mondi plc, to provisional Baa1 from provisional Baa2 as well as the rating of senior unsecured bonds issued under the program to Baa1 from Baa2.

Mondi Finance’s provisional P-2 short-term rating was affirmed.

The outlook is stable.

"Today's rating action reflects structural improvement of Mondi's business profile over the last five years, which has translated into credit metrics well in line with our expectations for a Baa1 rating," Martin Fujerik, Moody's lead analyst for Mondi, said in a news release.

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