W/S Packaging Group, Inc. -- Moody's says W/S Packaging Group's new CEO appointment has no rating impact, but strategy execution is critical

New York, March 24, 2015 -- Moody's Investors Service said W/S Packaging Group, Inc.'s (B3 negative) announcement that it has appointed board member Charlie Eitel as the new CEO starting April 1, 2015 has no rating impact as we expect the continuation of current business strategy and financial policies with minimal operational disruption because of Mr. Eitel's familiarity with the business. However, a quick transition period and managements' focus on executing the strategy are critical given recent underperformance versus Moody's expectations and tightening financial covenants, which prompted a one notch downgrade to B3 and a negative outlook in February 2015.

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