Moody's Downgrades Mondi's Rating on 'Weak' Earnings, Cash Flow Generation; Outlook Revised

09:20 AM EDT, 09/22/2026 (MT Newswires) -- Moody's on Tuesday downgraded Mondi's (MNDI.L, MNP.JO) long-term issuer rating to Baa2 from Baa1, while changing its outlook to stable from negative. The rating downgrade reflects continued "weak" earnings and cash flow generation at the company, as well as uncertainty on the timing and pace of recovery within the paper and packaging markets. The stable outlook, meanwhile, reflects Moody's expectation that the company's "well-invested" asset base and "good" cost position will support prompt improvement in metrics once market conditions improve.