Moody’s rates OI European notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to the proposed $310 million senior unsecured notes of OI European Group BV, a subsidiary of Owens-Illinois Inc.

The company's Ba3 corporate family rating, Ba3-PD probability of default rating and other ratings are unchanged.

The outlook is stable.

Note proceeds will be used to repay senior secured term loan A due April 2020.

Owens-Illinois’ Ba3 corporate family rating, Ba3-PD probability of default rating are unchanged as the transaction is largely leverage neutral.

Moody’s said the Ba3 corporate family rating reflects Owens-Illinois’ leading position in the glass packaging industry, wide geographic footprint and continued focus on profitability over volume.

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