Moody's: Libbey Glass notes B2

Moody's Investors Service said it assigned a B2 rating to Libbey Glass Inc.'s proposed $450 million senior secured notes due 2020.

At the same time, the agency said it affirmed Libbey's corporate family and probability of default ratings at B2 and its speculative grade liquidity rating at SGL-2.

The B2 rating on Libbey's $360 million existing senior secured notes due 2015 was also affirmed. The outlook remains positive.

"In our opinion, the proposed transaction is neutral in terms of debt leverage as the underfunded pension obligation adjustment will be replaced with balance sheet debt," said Moody's analyst Mariko Semetko in a news release.

Moody's said the positive outlook continues to reflect its expectation that Libbey will strengthen its credit profile through a combination of earnings growth, expense control and a continuation of conservative financial policies.

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