Moody's affirms Owens Illinois; outlook stable

Moody's Investors Service said it affirmed the Ba3 corporate family rating of Owens Illinois, Inc. and revised the outlook to stable from positive.

Moody's said it took the following rating actions for Owens Illinois, Inc.:

• Affirmed probability of default rating at Ba3;

• Affirmed $500 million senior unsecured notes and debentures due in 2010 and 2018 at B2 (LGD 6, 92% from LGD 6, 90%); and

• Affirmed speculative-grade liquidity rating SGL-2.

Moody's said it took the following rating actions for Owens-Brockway Glass Container, Inc.:

• Affirmed $900 million senior secured first-lien revolving credit facility maturing June 15, 2012 at Baa3 (LGD 2, 11% from LGD 2, 12%);

• Affirmed $200 million senior secured first-lien term loan B due June 12, 2013 at Baa3 (LGD 2, 11% from LGD 2, 12%);

• Affirmed € 225 million senior unsecured notes due December 1, 2014 at Ba3 (LGD 4, 57% from LGD 4, 54%); and

• Affirmed $850.0 million senior unsecured notes due 2013-2014 at Ba3 (LGD 4, 57% from LGD 4, 54%).

The agency said that the Ba3 corporate family rating reflects Owens Illinois' leading position in the industry, commitment to debt reduction, and strategic focus on pricing and cost cutting.

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