| Mon 3 Oct 2011, 16:50 | | MND/MNP - Mondi Limited/Mondi plc - Long Term Corporate Credit Ratings |
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MND MNP
MND MNP
MND/MNP - Mondi Limited/Mondi plc - Long Term Corporate Credit Ratings
Mondi Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1967/013038/06)
JSE share code: MND ISIN: ZAE000156550
Mondi plc
(Incorporated in England and Wales)
(Registration number: 6209386)
JSE share code: MNP ISIN: GB00B1CRLC47
LSE share code: MNDI
As part of the dual listed companies structure, Mondi Limited and Mondi plc
(together "Mondi Group") notify both the JSE Limited ("JSE") and the London
Stock Exchange ("LSE") of matters required to be disclosed under the Listings
Requirements of the JSE and/or the Disclosure and Transparency and Listing Rules
of the United Kingdom Listing Authority.
Long Term Corporate Credit Ratings
Mondi plc is pleased to announce that Standard and Poor`s has upgraded Mondi`s
credit rating to BBB- outlook stable (from BB+ outlook positive).
Standard and Poor`s commented that the upgrade reflects Mondi`s improved
operating performance, cash flows and credit measures. This is supported by the
revision of the Group`s business risk profile, quoting Mondi`s favorable cost
position with a well-invested asset base, leading positions in emerging markets
and meaningful geographic and end-market diversity.
Referring to the improvement in the Group`s credit rating, Andrew King, Mondi`s
Chief Financial Officer, commented, "We welcome S&P`s upgrade of Mondi to
investment grade, reflecting the Group`s clear commitment to achieving and
sustaining investment grade credit metrics. It is further testament to the
robustness of the Group`s business model and the ability of the business to
generate meaningful cash flows through the business cycle. We now have
investment grade credit ratings from both Moody`s (Baa3 outlook positive) and
S&P (BBB- outlook stable) which will further improve our access to liquidity and
provide additional financial flexibility going forward."
Contact details:
James Paterson +44 (0)1932 826340
Andrew King +27 (0)11 994 5415
Lora Rossler +27 (0)31 451 2040
Editors` notes
About Mondi:
Mondi is an international paper and packaging Group, with production operations
across 31 countries and revenues of Euro6.2 billion in 2010. The Group`s key
operations are located in central Europe, Russia and South Africa and as at the
end of 2010, Mondi employed 29,000 people (2010 figures include Mpact Limited).
Mondi is fully integrated across the paper and packaging process, from the
growing of wood and the manufacture of pulp and paper (including recycled
paper), to the conversion of packaging papers into corrugated packaging,
industrial bags and coatings.
The Group is principally involved in the manufacture of packaging paper,
converted packaging products and uncoated fine paper (UFP).
Mondi has a dual listed companies structure, with a primary listing on the JSE
Limited for Mondi Limited under the ticker code MND and a premium listing on the
London Stock Exchange for Mondi plc, under the ticker code MNDI, as well as a
secondary listing for Mondi plc on the JSE under the ticker code MNP. The Group
has been recognised for its sustainability through its inclusion in the
FTSE4Good UK, Europe and Global indices in 2008, 2009 and 2010 and the JSE`s
Socially Responsible Investment (SRI) Index in 2007, 2008, 2009 and 2010.
3 October 2011
Sponsor: UBS South Africa (Pty) Ltd
Date: 03/10/2011 16:50:01 Produced by the JSE SENS Department.
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