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04 May 2010
Approximately $1.25 billion of rated debt securities affected
New York, May 04, 2010 -- Moody's Investors Service revised the ratings outlook of Sealed Air Corp
("Sealed Air") to stable from negative and affirmed the Baa3 senior unsecured
debt rating. Additional instrument ratings are detailed below.
The revision of the outlook to stable from negative reflects the improvements
the company has made in its credit metrics and liquidity and an expectation
of further improvements over the rating horizon. Sealed Air has
improved credit metrics to a level that is within an acceptable range
for the rating category for a company at the bottom of its economic cycle.
Additionally, the company has almost enough cash on hand to pay
the asbestos related liability settlement as well as good additional backup
liquidity. The stable outlook also contemplates management's
commitment to maintaining an investment grade rating.
The Baa3 senior unsecured debt rating reflects Sealed Air's position as
an industry leader, wide geographic exposure and value added products.
The rating also reflects the company's more timely implementation
of its pricing strategy, consistent free cash generation,
and cash cushion and strong liquidity to cover the asbestos related liability
settlement. Sealed Air's credit profile should benefit going forward
from management's improved pricing strategy, recent new product
introductions, and continued benefits from cost saving programs.
Sealed Air will benefit from any upturn in volumes given the current lower
level of capacity utilization now that the global manufacturing strategy
program and cost reduction and productivity initiatives have been substantially
The rating is constrained by the company's concentration of sales
in cyclical and event risk prone end markets (meat and protective packaging)
and the fragmented industry structure. The company has a high concentration
of sales in two potentially volatile segments, has limited number
of long term contracts with input cost pass through provisions and has
a history of financial aggressiveness. Price competition remains
strong in the industry given the fragmented structure and cyclicality
in the aforementioned segments. The ongoing asbestos related liability
also adds a level of uncertainty.
Moody's took the following rating actions:
- Affirmed Sealed Air's Baa3 senior unsecured debt rating.
- Affirmed a Baa3 rating on $400 million 7.875%
notes due 2017.
- Affirmed a Baa3 rating on $400 million 5.625%
notes due 2013.
-Affirmed a Baa3 rating on $450 million 6.875%
notes due 2033.
The rating outlook is revised to stable from negative.
Moody's last rating action on Sealed Air occurred on June 12, 2009
when Moody's rated the new notes and affirmed the negative ratings outlook.
The principal methodology used in rating Sealed Air was Moody's
Global Packaging Manufacturers: Metals, Glass and Plastic
Containers, published in June 2009 and available on www.moodys.com
in the Rating Methodologies sub-directory under the Research &
ratings tab. Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found in the
Rating Methodologies sub-directory on Moody's website.
Headquartered in Elmwood Park, New Jersey, Sealed Air is a
global manufacturer of packaging products, performance-based
materials and equipment systems for various food, industrial,
medical and consumer applications. Operating in 51 countries,
Sealed Air's international reach generated over $4.2 billion
in revenue in 2009.
Corporate Finance Group
Moody's Investors Service
Moody's revises Sealed Air Baa3 rating outlook to stable from negative
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
No Related Data.
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