S&P: Greif view now negative

Standard & Poor's said it revised its outlook on Greif Inc. to negative from stable and affirmed its BB+ corporate credit rating on the company.

S&P also affirmed its BB rating on all of the company's senior unsecured debt. The recovery ratings remain unchanged at 5, indicating an expectation for modest (10%-30%) recovery for noteholders in the event of a payment default.

"The outlook revision reflects our view that the company's key credit protection measures have remained weak as a result of continued tepid operating performance over the past year, and that continued underperformance and failure to improve metrics from current levels over the next year could lead to a downgrade," said S&P credit analyst Liley Mehta in a news release.

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