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Global Credit Research - 09 Sep 2010
Approximately $4 billion in rated debt securities affected
New York, September 09, 2010 -- Moody's Investors Service ("Moody's") affirmed the Ba2 Corporate
Family Rating and the stable ratings outlook for Owens-Illinois,
Inc. ("O-I") and assigned a Ba2 rating to the
new 500 million of senior notes due 2020 issued by OI European Group
B.V., an indirect wholly-owned subsidiary of
O-I. The rating is in response to the company's announcement
that it intends to offer, subject to market and other conditions,
500 million aggregate principal amount of Senior Notes due 2020
in a private offering. OI European Group B.V. expects
to use the net proceeds received from this offering to repay borrowings
under Owens-Illinois Group, Inc.'s revolving credit
facility and for general corporate purposes, including funding Owens-Illinois
Group, Inc.'s strategic priorities.
Moody's took the following rating actions for Owens Illinois,
- Affirmed Corporate Family Rating, Ba2
- Affirmed Probability of Default Rating, Ba2
- Affirmed $250 million senior unsecured notes due May 15,
2018, B1 (LGD 6, 94%)
- Affirmed Speculative Grade Liquidity Rating SGL-2
Moody's took the following rating actions for Owens-Brockway
Glass Container Inc.:
- Affirmed $900 million senior secured first lien revolving
credit facility due June 15, 2012, Baa2 (LGD 1, 8%
- Affirmed $191 million ($189.5 million outstanding)
senior secured first lien term loan B due June 14, 2013, Baa2
(LGD 1, 8% from 9%)
- Affirmed EUR 225 million senior unsecured notes due December
1, 2014, Ba3 ( LGD 5, 78% from 73% )
- Affirmed $1,000 million senior unsecured notes due
2014-2016, Ba3 (LGD 5, 78% from 73%)
- Affirmed $690 million exchangeable senior unsecured notes
due June 1, 2015, Ba3 (LGD 5, 78% from 73%)
Moody's took the following rating actions for OI European Group
- Affirmed EUR 191.5 million (EUR 189.5 million)
senior secured first lien term loan D due June 14, 2013, Baa2
(LGD 1, 8% from 9%)
- Affirmed EUR 300 million senior unsecured notes due March 31,
2017, Ba2 (LGD 3, 40% from 39%)
- Assigned EUR 500 million senior notes due 2020, Ba2 (LGD
Moody's took the following rating actions for ACI Operations Pty.
Ltd. and O-I Canada Corp:
- Affirmed AUD 225 million senior secured first lien term loan
A due June 15, 2012, Baa2 (LGD 1, 8% from 9%)
- Affirmed CAD 110.8 million senior secured first lien term
loan C due June 15, 2012, Baa2 (LGD 1, 8% from
The ratings outlook remains stable.
The Corporate Family Rating of Ba2 reflects pro-forma credit metrics
that are in line with the rating category with the potential for further
improvement over the rating horizon and strong liquidity. The rating
also reflects OI's leading position in the industry, wide geographic
footprint and focus on profitability rather than volume. Despite
the proposed debt issuance, OI's pro-forma credit metrics
remain largely in line with the rating category even before consideration
of a potential increase in operating income from potential acquisitions,
cost cutting/productivity and the improvement in contract structures in
North America (which include better pricing and cost pass throughs).
The company should also benefit from any rebound in volumes (cyclical
or otherwise). Liquidity is strong as the company has good free
cash flow, significant availability under its credit facility,
a large cash balance, and adequate cushion under its covenants.
The ratings are constrained by the concentration of sales, potential
acquisition risk and the asbestos liabilities. The ratings are
also constrained by the mature state of the industry, cyclical nature
of glass packaging and low growth in developed markets. OI is heavily
concentrated with a few customers in the beer industry and has benefited
from the growth in premium beers. Additionally, OI generates
approximately 76% of sales internationally. The company
has disclosed its intention to pursue acquisitions in faster growing markets
which entails some level of risk despite the potential upside.
The principal methodologies used in rating Owens-Illinois,
Inc. and subsidiaries were Global Packing Manufacturers:
Metal, Glass, and Plastic Containers published in June 2009,
and Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in
June 2009. Other methodologies and factors that may have been considered
in the process of rating this issuer can also be found on Moody's website.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of maintaining
a credit rating.
MOODY'S adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
MOODY'S considers to be reliable including, when appropriate,
independent third-party sources. However, MOODY'S
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
Glenn B. Eckert
Senior Vice President
Corporate Finance Group
Moody's Investors Service
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's affirms Owens-Illinois Ba2 CFR, assigns Ba2 rating to new senior notes
250 Greenwich Street
New York, NY 10007
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