S&P rates Sealed Air notes BB+

Standard & Poor's said it assigned a BB+ issue-level rating and 3 recovery rating to Sealed Air Corp.'s proposed $250 million senior unsecured notes due 2017 and affirmed all other ratings, including the BB+ corporate credit rating on the company

The outlook is stable.

Proceeds will be used for general corporate purposes, including the redemption of a portion of the company's 3% convertible senior notes due 2033.

The agency said the ratings on Sealed Air reflect its strong business risk profile and its fairly consistent free cash flow, offset by a significant financial risk profile.

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