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S&P rates RPC Group BB+
S&P said it assigned a BB+ long-term corporate credit rating on RPC Group plc.
The outlook is positive.
While RPC's historic focus has been on rigid plastic packaging, its acquisition of BPI in August 2016 gave it access to flexible films, the agency said, and the acquisition of Letica in March 2017 increased the group's North American presence and added £390 million in revenues.
These acquisitions, along with several others over the past two years have improved RPC's scale, S&P explained.
RPC's business risk profile is supported by a diverse product range and relatively stable and diverse end-markets, the agency added.
RPC's customer and supplier base is well diversified, S&P said.
These strengths are somewhat mitigated by its exposure to the relatively fragmented and highly competitive rigid plastic industry in Europe, the agency said.
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