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Sappi Limited (SAP.JO)

Johannesburg - Johannesburg Delayed Price. Currency in ZAc (0.01 ZAR)
4,890.00-80.00 (-1.61%)
At close: 05:06PM SAST
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  • Moody's

    Sappi Papier Holding GmbH -- Moody's affirms Sappi's Ba2 rating, outlook changed to stable

    Rating Action: Moody's affirms Sappi's Ba2 rating, outlook changed to stableGlobal Credit Research - 08 Dec 2021Frankfurt am Main, December 08, 2021 -- Moody's Investors Service ("Moody's") has today affirmed the Ba2 corporate family rating (CFR) of Sappi Limited (Sappi), as well as its Ba2-PD probability of default rating (PDR). Concurrently, the rating agency has affirmed the ratings of the instruments issued by Sappi's guaranteed subsidiary Sappi Papier Holding GmbH: its Ba2 ratings of the guaranteed senior unsecured notes (due 2026 and 2028) and its B1 rating of the guaranteed senior unsecured notes (due 2032). The outlook on Sappi and Sappi Papier Holding GmbH has been changed to stable from negative.A full list of affected ratings can be found at the end of this press release.The rating action was triggered by a material strengthening in Sappi's key credit metrics as per end of its fiscal year 2021 with Moody's adjusted EBITDA margin improving to 9.7% and Debt / EBITDA decreasing to 5.3x.

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