Toronto, July 07, 2016 -- Moody's Investors Service views Packaging Corporation of America's (PCA, Baa3 stable) announcement that it has signed a definitive agreement to acquire privately-held TimBar Corporation (unrated) as credit positive. The addition of TimBar's high quality converting facilities will further increase PCA's industry leading forward vertical integration level, while only temporarily increasing its leverage. PCA's Baa3 senior unsecured rating and stable outlook remain unchanged.

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