Moody’s revises Owens-Illinois view to negative

Moody’s Investors Service changed the outlook for the Owens-Illinois Inc.’s ratings to negative from stable.

“The negative outlook reflects the company’s stretched credit metrics and the lack of room for negative variance in the operating plan. OI has missed projected expectations and will need to execute on its multi-pronged operating plan in a challenging environment in order to improve metrics to a level within the rating category,” said Moody’s in a news release.

The agency affirmed the company’s Ba3 corporate family rating and Ba3-PD probability of default rating. Moody’s also affirmed all the company’s instrument ratings.

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