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S&P: Rock-Tenn on positive watch
Standard & Poor's said it placed its ratings on Rock-Tenn Co. including the BB corporate credit rating, on CreditWatch with positive implications.
According to S&P, the CreditWatch listing reflects meaningful improvements in the company's operating results and credit measures over the past several quarters.
In particular, Rock-Tenn continues to show good operating results with EBITDA increasing to $222 million for the three quarters ended March 31 from $147 million for the year-earlier quarter, the agency noted.
The increase was due to the Gulf States Paper Corp. acquisition that resulted in the realization of synergies and greater vertical integration and better leveraging of Rock-Tenn's fixed costs in a favorable pricing environment, S&P said.
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