I didn't read the announcement as I don't follow AMC, nevertheless, this was just published.
S&P revises Amcor's rating outlook to negative 11:13, Wednesday, 8 May 2002
Sydney - Wednesday - May 8: (RWE/AAP) - Standard & Poor's today revised the rating outlook for Amcor Ltd to negative from stable. The ratings agency affirmed its BBB-plus/A2 corporate credit ratings, guaranteed issue ratings and bank loan ratings for Amcor. The announcement follows the company's $2.9 billion acquisition of the polyethylene terephthalate and closures operations of German-based Schmalbach-Lubeca. S&P said Amcor was expected to fund the acquisition through a combination of $1.02 billion underwritten equity, $700 million from the sale of Kimberly Clark Australia, a $200 million underwritten convertible note issue, and debt. Also, Standard & Poors has assigned a BBB-minus long-term rating to Amcor Investments (New Zealand) Ltd's $A200 million subordinated convertible notes. The notes are guaranteed by Amcor.
AMC Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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