MOODY'S PLACES AMCOR'S RATINGS UNDER REVIEW FOR POSSIBLE DOWNGRADE
Sydney, 06-05-98 -- Moody's Investors Service placed the A2 senior unsecured, A3 subordinated, and P-1 short term debt ratings supported by Amcor Limited (Amcor) under review for possible downgrade. The review will focus on the company's long-term strategic direction, the outlook for weaker fundamentals in a number of Amcor's core markets, and the resulting potential negative effect on the company's financial flexibility.
The ratings placed under review for possible downgrade are:
Amcor Limited -- subordinated rating of A3; short term rating of P-1
Amcor Finance (USA), Inc. (backed) -- short term rating of P-1
Sunclipse Inc. (backed) -- senior unsecured long term rating of A2
Twinpak Inc. (backed) -- senior unsecured long term rating of A2
Amcor Limited, based in Melbourne, Australia, had sales of approximately US$3.8 billion in fiscal year ended June 30, 1997.
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