S&P rates Avery notes BBB+

Standard & Poor's said it assigned a BBB+ senior unsecured debt rating to $250 million of notes due 2017 to be issued under Rule 144A by ADOP Co., a wholly owned subsidiary of Avery Dennison Corp.

The notes were placed on CreditWatch with negative implications. The existing long-term ratings remain on CreditWatch with negative implications, where they were placed March 23. S&P affirmed its A-2 short-term ratings.

Proceeds will be used to refinance a portion of the short-term debt financing for its $1.34 billion acquisition of Paxar Corp. in June.

The ratings reflect the company's strong market positions in pressure-sensitive materials, office products and retail tag and labeling systems, together with relatively stable cash generation, according to the agency.

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