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Moody's assigns Ba3 to O-I Glass
Moody's Investors Service said it assigned a Ba3 corporate family rating, a Ba3-PD probability of default rating, and SGL-1 speculative grade liquidity rating to O-I Glass, Inc.
Concurrently, the agency withdrew Owens-Illinois Group, Inc.'s B1 CFR, B1-PD PDR and SGL-1 rating. Moody's also raised the ratings of OI European Group BV to Ba3 from B1 and the ratings of Owens-Brockway Glass Container, Inc. to B2 from B3. The agency revised the outlook to stable from positive.
The upgrade reflects an expectation of the continued strengthening of O-I's credit profile following the ongoing repositioning of the company's portfolio, greater predictability of free cash flow generation, and a commitment by management to lower leverage, Moody’s said.
“For year-end 2022, we project total-debt-to EBITDA (inclusive of Moody's adjustment) to be around 4.4x and to be near 4x by year-end 2023,” the agency said in a press release.
The revised outlook reflects an expectation that O-I will boost revenue organically, improve profitability and deliver free cash flow that can be used to reduce debt, Moody’s said.
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