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Moody's rates Sealed Air loans Ba1
Moody's Investors Service said it assigned Ba1 (LGD2, 16%) ratings to Sealed Air Corp.'s $524.5 million senior secured term loan B due 2018 and Sealed Air BV's €127.5 million senior secured term loan B due 2018. The company's Ba3 corporate family rating, Ba3-PD probability of default rating and SGL-2 speculative grade liquidity rating are unchanged. The outlook is stable.
The proceeds of the new term loan B were used to refinance the outstanding balances on the company's existing term loan B due 2018.
The agency said the Ba3 corporate family rating reflects the company's scale (as measured by revenue), wide geographic exposure and low customer concentration of sales.
The rating is restrained by weakness in certain credit metrics, a disparate product line and the concentration of sales in cyclical and event risk prone segments, Moody's said.
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