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Ball Corporation

Ball Corporation (BLL) is major supplier of metal packaging to the beverage, food, personal care and household products industries. The company maintains a leading position in the beverage can industry with a market share of over 31%. Through the Aerospace and Technologies business, BLL provides services to governmental and commercial customers. End use markets include spacecraft, instruments and sensors, radio frequency systems and components, data exploitation solutions, and a variety of advanced aerospace technologies and products that enable deep space missions. In July 2018, BLL sold and formed a JV of its U.S. steel food and steel aerosol packaging assets now known as Ball Metalpack. The company received $600 million in after-tax proceeds. Further, Platinum Equity and BLL will own the assets in a JV where Platinum will control 51% and BLL will own 49%. BLL will report earnings from the JV via the equity method. The remaining global aluminum aerosol business and Argentine tinplate business retained by BLL will be reported in the Other segment. (06 Dec 2018)

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Sealed Air: Shaping Up to Ship More Out

HY Note: 14 Dec 2018, 10:28 AM ET - SEE announced a new strategic plan to aid long term growth across its business. We review the restructuring plan and update our view on the credit.
Focused

Ball Corporation: Exiting China

HY Note: 14 Dec 2018, 6:03 AM ET - BLL announced that it is divesting its owned assets in China. We review the announcement and update thoughts on the credit. 

Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

Paper Trails: Soft Pulp, Buy or Build, And More...

Paper Trails: 10 Dec 2018, 4:25 AM ET - We present pulp and paper monthly data, as we note softness developing in the pulp markets. Lecta was weaker on the week due to concerns for management pursuing leveraging M&A. 

Paper Trails: Stocking Pre-Stuffed

Paper Trails: 03 Dec 2018, 4:26 AM ET - Our weekly recap was stocked with news, including WRK Sr. Notes issuance, comments from IP and UFS at an industry conference last week and our Pulp and Paper monthly previews. Also, the US/China reached a deal to suspend new tariffs. 

Paper Trails: Earnings and Containerboard Data

Paper Trails: 19 Nov 2018, 4:24 AM ET - Mixed earnings from several names in our HY space and SIGCBL's one-notch upgrade to BB+ by S&P headlines our weekly market recap. We also provide a preview of our October containerboard monthly data recap.

Paper Trails: Upgrades, Buybacks, Pulp Market View

Paper Trails: 12 Nov 2018, 4:04 AM ET - Good earnings from RYAM and LPX highlight the week plus an upgrade to IG for STERV. We highlight commentary from the London Pulp Conference from RISI competitor Hawkins Wright.
Focused

Ball Corp 3Q18: Cash Can-non

Earnings Note: 01 Nov 2018, 9:55 PM ET - BLL posted strong results as it has fully eclipsed the second anniversary of the Rexam acquisition and reached its leverage target. We review results and update our thoughts on the credit. 

Crown Holdings: S&P Upgrade, Still M&A Risk Ahead

Worth Watching: 19 Oct 2018, 1:09 PM ET - Crown Holdings (CCK, Ba2/BB+) issuer rating was upgraded to BB+ from BB by S&P ratings. Additionally, CCK's senior secured rating was upgraded to BBB- from BB+. According to S&P, the upgrade reflects the company's integration of Signode and its ..

Sealed Air: Clear Miss, Lowered Guidance

Worth Watching: 17 Oct 2018, 11:43 PM ET - Sealed Air  (SEE, Ba3/BB+, Market perform) announced limited preliminary 3Q18 results that were below our estimates. 3Q18 sales are expected to be $1.2 billion, up 5% from the prior year and ahead of our $1.1 billion estimate. Excluding $39 mil ..

Paper Trails: North American 3Q18 Earnings Preview

Paper Trails: 16 Oct 2018, 5:17 AM ET - We present our North American earnings preview for 3Q18. We include earnings estimates as well as commentary on commodities, market returns for the quarter and our thoughts on what to listen for on the calls. 

Paper Trails: Hurricanes, Forecasts, Volatility

Paper Trails: 15 Oct 2018, 9:18 AM ET - This week's market recap is headlined by a containerboard market forecast from RISI's annual conference. Hurricane Michael showed some impact on production. Equity market volatility impacted HY. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Resolute Forest Products: ITC Ends Newsprint Duty

Worth Watching: 03 Sep 2018, 5:44 PM ET - Resolute Forest Products (RFP B2/B+, SELL) and the rest of the newspaper industry received positive news during the slow holiday week. The United States International Trade Commission (ITC) ruled on August 29th that imports of uncoated groundwo ..

Resolute FP: Moody's Upgrade Rationale vs Our View

Worth Watching: 15 Aug 2018, 10:39 PM ET - Resolute FP (RFP, Ba3/BB-, SELL) received a one-notch Credit Family Rating upgrade today from Moody's to Ba3 with a Stable outlook. The unsecured notes were also upgraded one-notch to B1. According to the ratings agency, the upgrade reflects its ..

Paper Trails: Earnings, Macro Data and Trade Duties

Paper Trails: 06 Aug 2018, 4:55 AM ET - Our market recap is highlighted by earnings reports from a bulk of our names this week. We also present containerboard and paper data as well as a DOC decision for newsprint.
Focused

Ball Corp 2Q18: Beverages Lead Results

Earnings Note: 03 Aug 2018, 4:33 AM ET - BLL results continue to prove its ability to produce cash and reduce leverage post the Rexam transaction. We review results and update our thoughts on the credit. 

Paper Trails: 2Q18 Earnings Have Arrived

Paper Trails: 30 Jul 2018, 4:11 AM ET - Earnings season has started, and results have been mixed. Cenveo's census contract has been settled, clearing path to confirmation hearing. We review the week and more. 

Ardagh 2Q18: Down But Not Out

Earnings Note: 29 Jul 2018, 11:38 PM ET - Ardagh posted a challenging quarter and lowered guidance, yet it still remains a top pick in Packaging. 

Owens-Illinois 2Q18: Clear Leader In Packaging

Earnings Note: 24 Jul 2018, 9:48 PM ET - OI remains a top pick in Packaging, despite some headwinds during 2Q18. We review results and update our credit view.

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