S&P shifts Owens-Illinois view to negative

S&P revised the outlook for Owens-Illinois Inc. to negative from stable, citing lower guidance on cash flows on softer volumes, higher costs due to unplanned downtime and operational complexities, foreign exchange pressures and a continuing decline of mega-beer drinking.

“The negative outlook reflects the elevated risk that OI will be unable to sustain adjusted debt to EBITDA below 5x due to lower cash flows and its current elevated debt balance following recent acquisitions,” said S&P in a press release.

S&P affirmed OI’s BB rating.

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