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Article: Fitch Rates Owens-Illinois' Proposed Credit Facilities 'BB-/RR1'.
- Article from:
- Business Wire
- Article date:
- May 10, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO -- Fitch expects to assign a 'BB-/RR1' to Owens-Illinois's (NYSE: OI) proposed $1.5 billion senior secured facilities. The 'BB-' rating and the 'RR1' recovery rating are identical to Fitch's ratings on OI's existing $1.3 billion bank facilities which will be replaced by the new facilities. Fitch's current ratings include:
Owens-Illinois:
-- Issuer Default Rating (IDR) 'B-';
-- Senior secured bank facilities 'BB-/RR1';
-- Senior unsecured notes 'CCC+/RR5';
-- Senior sub notes 'CCC/RR6';
-- Preferred stock 'CCC'/'RR6'.