S&P revises O-I Glass view to stable

S&P said it revised O-I Glass Inc.’s outlook to stable from negative and affirmed its B+ issuer rating. Ratings on its debt, including the B+ rating on OI European Group BV's unsecured debt and the B rating on Owens-Brockway Glass Container Inc.'s unsecured debt, are unchanged.

“O-I's adjusted debt to EBITDA increased to about 6.8x at year-end 2020, but we expect the company has passed its operational low point caused by the pandemic and will improve credit measures this year,” S&P said in a press release.

The stable outlook reflects O-I's success in controlling costs through the pandemic and deleveraging through asset sales, which positions it to further improve its credit measures in 2021, specifically keeping its adjusted debt leverage well below 7x by year-end, the agency said.

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