S&P rates Owens-Brockway Glass notes BB+

Standard & Poor's said it assigned its BB+ senior unsecured debt rating and a recovery rating of 4 to Owens-Brockway Glass Container Inc.'s proposed offering of $500 million of exchangeable senior notes due 2015. The issuer is a wholly owned subsidiary of Owens-Illinois Inc. These ratings indicate an expectation of 30% to 50% recovery for the holders of these notes in the event of a default, S&P said. Its corporate credit rating is unchanged at BB+.

The outlook is stable.

The ratings reflect the company's satisfactory business risk profile as the world's largest manufacturer of glass containers and its significant financial risk profile, S&P said.

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