Fitch Assigns 'BBB+' Rating to Smurfit Westrock's Proposed Senior Unsecured Debt, Affirming Global Market Leadership

Fitch Ratings has assigned a long-term rating of 'BBB+' to Smurfit Westrock Financing DAC's and Smurfit Kappa Treasury Unlimited Company's proposed senior unsecured debt issuance, aligning with the group’s existing senior unsecured debt rating. The funds, denominated in dollars and euros, will be used to refinance upcoming 2027 maturities and general corporate purposes, ranking equally with other senior unsecured debt in the group. The merger of Smurfit Kappa Group plc and Westrock Company has created a global leader in fiber packaging with expected 2025 revenues of USD30 billion and Fitch-adjusted EBITDA of USD4.8 billion. The combined entity benefits from a strong market position in North America and Europe, product diversification, high raw material self-sufficiency, and supply chain integration. Fitch highlights synergies expected to result in USD360 million in cost savings by 2026 and anticipates EBITDA margins rising near 18% by 2028.