S&P moves O-I Glass outlook to positive

S&P said it revised its outlook for O-I Glass Inc. to positive from stable and affirmed its BB- issuer rating.

“The positive outlook reflects our expectation that S&P Global Ratings-adjusted leverage will remain in the mid-3x area, following several consecutive years of deleveraging. Strong earnings growth throughout 2023 enabled O-I Glass to significantly deleverage, reducing its S&P Global Ratings-adjusted debt/EBITDA to 3.6x at the end of the year,” the agency said in a press release.

O-I boosted its earnings by more than 20%, despite a 12% reduction in its shipments. “This increase was primarily due to $632 million of positive net price, strong operating performance, and benefits from its margin expansion initiatives,” the agency noted.

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