S&P cuts Owens-Illinois

S&P said it downgraded Owens-Illinois Inc. to BB- from BB.

The agency also lowered the issue-level ratings on the company’s debt, including the OI European Group BV unsecured notes to BB- from BB and Owens-Brockway unsecured debt to B+ from BB-. The recovery ratings remain unchanged.

S&P said the downgrade came after the company lowered its guidance for the second consecutive quarter, citing continued slowing in its end-markets, including the accelerated decline in beer consumption in the U.S., higher operating costs, and foreign exchange pressures.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.