Moody's: Sealed Air notes B1

Moody's Investors Service said it affirmed the Ba3 corporate family rating and the Ba3-PD probability of default rating of Sealed Air Corp., along with its debt ratings.

The agency also said it assigned a B1 (LGD 5, 70%) rating to the proposed $425 million senior unsecured notes due 2023.

A speculative grade liquidity rating of SGL-2 also was assigned. The outlook is stable.

The proceeds will be used to fund the tender offer of the company's outstanding $400 million 7 7/8% senior notes due 2017, Moody's said.

The ratings reflect the company's scale, wide geographic exposure and low customer concentration of sales, the agency said.

Sealed Air has a track record of successful innovation and continues to invest in research and development, Moody's said.

The company's customer base is highly diverse with no single customer representing more than 10% of its 2012 net sales, the agency added.

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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