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S&P assigns BBB to WRKCo notes
S&P said it is removing its ratings on WRKCo Inc. from CreditWatch and is affirming them.
S&P is assigning a BBB issue-level rating to WRKCo's proposed notes issuance and assigning BBB issuer credit rating and A-2 short-term rating to new parent holding company WestRock Co.
WestRock closed its acquisition of KapStone Paper and Packaging Corp. and is issuing senior unsecured notes under subsidiary WRKCo to refinance debt.
“The outlook is negative, indicating a 1-in-3 chance for a downgrade during the next two years. Immediately following the transaction, WestRock's credit measures are likely to deteriorate from those in the fiscal year ended Sept. 30, 2018,” S&P said in a news release.
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