Moody's gives Avery Dennison notes Baa2

Moody's Investors Service said it gave a Baa2 rating of Avery Dennison Corp.'s new senior unsecured notes.

The agency affirmed Avery Dennison’s Baa2 ratings on June 25, 2020.

The proceeds will be used to repay indebtedness under the commercial paper programs, to repay the $250 million in notes when they mature on April 15 and for general corporate purposes.

“We expect the transaction to be leverage neutral,” Moody’s said in a press release.

The outlook is stable.

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