Jun 18, 2007. /Lesprom Network/. Standard & Poor's Ratings Services said on June 15, 2007 that it placed its ratings on Rock-Tenn Co. including the 'BB' corporate credit rating, on CreditWatch with positive implications. The company had total debt of $853 million at March 31, 2007. "The CreditWatch listing reflects meaningful improvements in the company's operating results and credit measures over the past several quarters," said Standard & Poor's credit analyst Andy Sookram. In particular, Rock-Tenn continues to show good operating results, with EBITDA increasing to $222 million for the three quarters ended March 31, 2007, from $147 million for the comparable period of 2006year-earlier quarter. The increase was due to the acquisition of Gulf States Paper Corp., which resulted in synergies and greater vertical integration and better leveraging of Rock-Tenn's fixed costs in a favorable pricing environment. Combined with a meaningful and more rapid reduction in debt, debt to EBITDA improved to 3.1x at March 31, 2007, from around 5.1x a year earlier. "In resolving the CreditWatch listing, we will evaluate the company's prospects for sustaining its recent operating improvements," Mr. Sookram said. "We will also consider the company's financial and operating strategies, financial policies, and our outlook for market conditions." Founded in 1936, Rock-Tenn is one of North America's leading manufacturers of packaging products, merchandising displays and recycled paperboard. The company operates manufacturing facilities throughout the United States, Canada, Mexico and Chile, and employs approximately 10 000 people. Headquartered in Norcross, Georgia, Rock-Tenn is listed on the New York Stock Exchange.