Moody's ups Libbey to positive

Moody's Investors Service said it raised the outlook of Libbey Glass Inc. to positive from stable and affirmed the B2 corporate family rating.

The positive outlook reflects the expectation that Libbey will continue to strengthen its credit profile over the near term through a combination of earnings growth and a continuation of conservative financial policies, the agency said.

The ratings reflect Libbey's leading market position in foodservice and retail glassware in the United States, a revenue base that is diversified internationally and by customer, extensive distribution channels, strong brand names and a good liquidity profile, the agency added.

The cyclicality of revenues, capital intensive nature of operations and a high interest burden constrain the ratings, the agency noted.

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