Fitch ups Owens-Illinois

Fitch Ratings said it upgraded Owens-Illinois, Inc.'s issuer default rating to B+ following the company's improved operating results year-to-date and debt reduction after the sale of its plastics business.

According to the agency, other ratings within the capital structure have been changed as follows: Owens-Illinois's issuer default rating to B+ from B, senior unsecured notes to B-/RR6' from B-/RR5 and preferred stock to B-/RR6 from CCC+/RR6; Owens Brockway Glass Container Inc.'s issuer default rating to B+ from B, senior secured credit facilities to BB+/RR1 from BB/RR1 and senior unsecured notes to BB/RR2 from BB-/RR2; and OI European Group, BV's senior unsecured notes to BB/RR2 from BB-/RR2.

The outlook is positive.

Fitch said that the upgrade of the issuer default rating is based on improved operating performance year-to-date and the completion of Owens-Illinois's debt reduction plan, which was executed with the proceeds from the Plastics divestiture.

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