S&P: Bemis on watch

Standard & Poor's said it placed all its ratings on Bemis Co. Inc., including the A long-term and A-1 short-term corporate credit ratings on Creditwatch with negative implications.

The Creditwatch placement followed Bemis' announcement that it is engaged in due diligence on a possible business combination with a portion of the packaging business belonging to Rio Tinto plc, the agency added.

Bemis said only that these confidential efforts are ongoing and are consistent with its historical acquisition strategy of focusing on core competencies while retaining an investment-grade profile, according to the agency.

S&P said it will resolve the Creditwatch when Bemis announces details regarding the business it may acquire and its financing plans.

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