International packaging and paper group Mondi has attracted a long-term credit-rating upgrade from Moody’s Investors Service.
In a statement to shareholders on Thursday, the dual-listed group announced the credit rating hike from Baa3 to Baa2.
“We welcome Moody’s upgrade of our credit rating as recognition of the group’s high-quality, low-cost and well diversified asset base. It is further testament to the robustness of the group’s business model and the ability of the business to generate strong cash flows through the business cycle,” said Mondi CFO Andrew King.