Moody's gives Ba2 to Sealed Air notes

Moody's Investors Service said it assigned a Ba2 rating to Sealed Air Corp.'s upcoming senior unsecured notes.

The Ba1 corporate family rating, the Ba1-PD probability of default rating, and all other instrument ratings remain unchanged. The company's speculative liquidity rating remains SGL-1. The instrument rating assigned to Sealed Air Ltd., a subsidiary of Sealed Air Corp. also remains unchanged.

The proceeds of the new notes will be used to redeem the $425 million senior unsecured notes due 2023, at which time the Ba2 rating on these notes will be withdrawn. “The transaction will not increase total debt and have no impact on Sealed Air's key credit metrics,” Moody’s said in a press release.

The outlook is stable.

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