S&P: CCL Industries notes BBB

S&P said assigned a BBB long-term corporate credit rating to CCL Industries Inc., along with BBB ratings on its proposed $300 million unsecured notes and existing unsecured $1.2 billion revolving credit facility.

The outlook is stable.

The proceeds will be used to reduce revolver borrowings.

Both CCL Industries and subsidiary CCL Industries Corp. are borrowers of the revolving facility, the agency said.

The rating reflects the company's satisfactory business risk profile and modest financial risk profile, S&P said.

The rating also considers the company's position as the leading producer in the niche pressure-sensitive prime label business, exposure to stable-end markets, geographic diversity and strong profitability compared with industry peers, the agency said.

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