Mondi receives upgraded credit rating

International packaging and paper group Mondi has announced that the recent upgrade of the company's credit rating.

Moody's Investors Service upgraded Mondi's credit rating on Thursday from Baa3 to Baa2.

Mondi's chief financial officer, Andrew King, said: "We welcome Moody's upgrade of our credit rating as recognition of the group's high quality, low cost and well diversified asset base.

"It is further testament to the robustness of the group's business model and the ability of the business to generate strong cashflows through the business cycle."

As of 15:55 on Thursday, the company's share price had jumped 2.17% to reach 1,035p per share.