Moody’s lifts Sealed Air, debt

Moody's Investors Service said it upgraded Sealed Air Corp.'s corporate family rating to Ba2 from Ba3, probability of default rating to Ba2-PD from Ba3-PD, senior secured debt to Baa3/LGD 2 from Ba1/LGD 2 and senior unsecured debt to Ba3/LGD 4 from B1/LGD 5.

The outlook is stable.

Moody’s said the upgrade reflects the improvements the company has made to its credit profile as well as an expectation of further improvements and that company will manage its financial policy to maintain credit metrics at the Ba2 level going forward.

Sealed Air has effectively cut cost, pruned low margin business and focused on innovative, higher margin new products and services.

The company is expected to benefit from further cost cutting initiatives, higher margin new products and an improvement in volumes in certain markets and regions over the next 12 to 18 months.

Additionally, Sealed Air is expected to manage its financial policy to maintain credit metrics within the Ba2 rating category, the agency said.

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