S&P: Sealed Air loan BB+

Standard & Poor's said it assigned BB+ ratings to Sealed Air Corp.'s proposed $700 million revolving credit facility due 2016, $1 billion senior secured term loan A due 2016 and $1.3 billion senior secured term loan B due 2018.

The 2 recovery rating indicates expectation of 70% to 90% recovery.

The BB+ corporate credit rating remains on CreditWatch with negative implications, where it was placed on June 1, following the company's announcement that it planned to acquire Diversey Holdings Inc. for $4.5 billion.

If the deal goes through as planned, S&P said it expects to lower the corporate credit rating on Sealed Air to BB from BB+.

"Our expected ratings balance Sealed Air's strong business risk profile - pro forma for the Diversey acquisition - with what we believe will be an aggressive financial risk profile," S&P analyst Liley Mehta said in a statement.

Pro forma ratio of total adjusted debt to trailing-12-month EBITDA will be about 4.8x.

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