Moody's assigns Ba3 to Owens-Illinois

Moody's Investors Service said it assigned a Ba3 corporate family rating, Ba3-PD probability of default rating and SGL-2 speculative grade liquidity rating to Owens-Illinois Group, Inc. The outlook is negative. Moody's will also withdraw all ratings at Owens-Illinois Inc. The ratings at the subsidiaries are not affected by this action.

The ratings assignments to Owens-Illinois Group, Inc. reflects the new corporate structure following the recent company reorganization. This action effectively moves the CFR, PDR and SGL to Owens-Illinois Group, Inc. from Owens-Illinois Inc.

On Dec. 27, O-I Glass, Inc. announced the adoption of a new holding company structure whereby O-I Glass became the new parent entity with Owens-Illinois Group, Inc. and Paddock Enterprises LLC as direct, wholly owned subsidiaries. Owens-Illinois Inc. was merged into Paddock with Paddock as the surviving entity. Paddock contains all of the legacy asbestos-related liabilities with very little assets and has an undisclosed support agreement from the new parent, O-I Glass.

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