Moody's assigns Bemis notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to both the new $400 million of senior unsecured notes due 2014 and the new $400 million of senior unsecured notes due 2019 of Bemis Co, Inc.

Moody's said it also affirmed the company's Baa1 senior unsecured debt rating, P-2 commercial paper rating and negative outlook.

The agency said that Bemis announced on July 20 that it has commenced an offering of about $400 million senior unsecured notes due 2014 and $400 million of senior unsecured notes due 2019, the proceeds of which will be used to partially fund the acquisition of the Food Americas operation of Alcan Packaging, a business unit of Rio Tinto plc.

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