S&P ups Owens-Illinois

Standard & Poor's said it raised Owens-Illinois Inc.'s corporate credit rating to BB from BB-.

The outlook is stable.

The upgrade follows the company's improved operating results and better-than-expected free cash generation in 2007, which coupled with proceeds from the sale of its plastics packaging business resulted in about $1.9 billion of debt reduction in 2007.

Ratings reflect the company's satisfactory business position and attractive profitability, offset by an improving but aggressive financial profile and concerns regarding asbestos liability, the agency said.

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