Fitch turns NG Packaging view to stable

Fitch Ratings said it changed the outlook for NG Packaging & Recycling Holdings SA's to stable from negative.

Concurrently, Fitch affirmed NG’s BB+ long-term issuer default rating and the senior unsecured San Miguel Industrias PET SA notes at BB+. NG Packaging guarantees the notes.

The outlook revision reflects the resilience of the company’s business model, positive free cash flow and improved credit metrics. Fitch said it forecasts NG’s net leverage retreating to 3x in 2021 from 3.9 in 2020. The agency also sees its adjusted EBITDA growing to $111 million in 2021 from $88 million in 2020.

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