S&P upgrades Packaging Corp of America to BBB+ on low leverage

S&P Global Ratings raised Packaging Corporation of America's long-term issuer rating to BBB+ from BBB on 16 September 2026, citing leverage held below 2.0x despite the debt-funded acquisition of Greif's containerboard business earlier in 2026. The agency also cited three containerboard price increases implemented in 2026, most recently USD 140 per ton effective 1 September, as supportive of the credit profile. The company will hold a call on third-quarter results, the first full quarter reflecting all three price rises, on 22 October 2026.

Why this mattersA one-notch upgrade despite a large debt-funded acquisition signals rating agencies' tolerance for containerboard consolidation leverage, a reference point for peers.

• S&P Global Ratings upgraded Packaging Corporation of America's long-term issuer rating to BBB+ from BBB on 16 September 2026.
• Leverage has stayed below 2.0x even after the 2026 acquisition of Greif's containerboard business.
• Three containerboard price increases were implemented in 2026: USD 50, USD 70 and USD 140 per ton, the last effective 1 September 2026.
• Q2 2026 net sales were USD 2.08bn, up 6.7% year on year from about USD 1.95bn, reflecting the first full quarter of Greif containerboard assets.
• Q2 2026 adjusted EBITDA margin rose to 20.5% from 18.9% a year earlier.
• A conference call on Q3 2026 results is scheduled for 22 October 2026.

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