Statement re Standard & Poor's Upgrade

Statement re Standard & Poor's Upgrade

Smurfit Kappa Group PLC

Smurfit Kappa Upgraded to BB+ by Standard & Poor’s

SKG.I SKG.L

Dublin, London, 3 March, 2014: Smurfit Kappa Group plc (“SKG” or the “Group”), one of the world's largest integrated manufacturers of paper-based packaging products with operations in Europe and the Americas, notes last Friday’s press release by Standard & Poor's (S&P) and welcomes the upgrade of its credit rating to "BB+" from "BB".

Ian Curley, Group Chief Financial Officer, commented, "We set an objective of achieving a BB+ credit rating some years ago and we welcome the upgrade by S&P. It reflects the Group's progress in materially strengthening its capital profile and transitioning from a leveraged company to a corporate credit. This progress has been made possible by the strong free cash flow generated through a robust operational performance, decisive capital allocation and successful refinancing activities and has expanded the range of strategic and financial options. "

About Smurfit Kappa

Smurfit Kappa is one of the leading producers of paper-based packaging in the world, with around 41,000 employees in approximately 350 production sites across 32 countries and with sales revenue of €8 billion in 2013.

Innovation, service and pro-activity towards customers, using sustainable resources, is our primary focus. This focus is enhanced through us being an integrated producer, with our packaging plants sourcing the major part of their raw materials from our own paper mills. We are the European leader in paper-based packaging, operating in 21 countries selling products including corrugated, containerboard, bag-in-box, solidboard and solidboard packaging. We have a growing base in Eastern Europe in many of these product areas. We also have a key position in other product/market segments including graphicboard, MG paper and sack paper.

We are the only large scale pan regional player in the Americas, operating in 11 countries in total in North, Central and South America.

ENDS

Contacts  

Seamus Murphy

Smurfit Kappa Group

 

Tel: +353 1 202 71 80

E-mail:

ir@smurfitkappa.com

FTI Consulting

 

 

Tel: +353 1 663 36 86

E-mail:

smurfitkappa@fticonsulting.com

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