S&P cuts O-I Glass

S&P said it downgraded O-I Glass Inc. to B+ from BB-, the debt at OI European Group BV to B+ from BB and the debt at Owens-Brockway Glass Container Inc. to from B+. The recovery ratings on the debt are unchanged.

“Despite OI's classification as an essential business, a broader recession resulting from the coronavirus pandemic will lower sales volumes. Governments have had varying responses to stop the spread of the virus, some of which are affecting the company's end markets. Mexico recently announced the shut-down of brewery operations, directly impacting OI and its joint venture with Constellation Brands,” said the agency in a press release.

The outlook is negative.

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