Moody’s gives OI notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to the planned senior unsecured notes issued by OI European Group BV and a B2 rating to the proposed senior unsecured notes issued by Owens-Brockway Glass Container, Inc.

The two issuers are subsidiaries of O-I Glass, Inc. O-I's Ba3 corporate family rating, Ba3-PD probability of default rating and all other ratings, including the SGL-1 speculative grade liquidity rating are unchanged, the agency said.

The proceeds will be used to refinance the senior unsecured notes at OI European and Owens-Brockway which will mature through 2024.

"This effectively makes the proposed offering a leverage-neutral transaction, albeit with some time lag," said Motoki Yanase, a Moody’s vice president and senior credit officer, in a press release.

The outlook is stable.

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