S&P boosts Owens-Illinois

Standard & Poor's said it raised the corporate credit rating on Owens-Illinois Inc. to BB+ from BB and raised all its issue-level ratings by one notch.

The outlook is stable.

"We raised the ratings because we believe Owens-Illinois will maintain credit measures appropriate for the new ratings, including a funds from operations to adjusted debt ratio above 20%," S&P analyst Cynthia Werneth said in a statement.

Ratings reflect the company's satisfactory business risk profile and significant financial risk profile, the agency said.

Ratings are supposed by the company's solid long-term business prospects, relatively stable earnings and cash flows, management's focus on ongoing productivity improvements and cost reduction, and prudent financial policies, the agency said.

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