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Avery Dennison Corp. 'BBB' Rating Affirmed After Sale Of Office Consumer Products Line To 3M Co.; Outlook Positive Jan 12
Standard & Poors, Jan 2012
Abstract
U.S.-based Avery Dennison Corp. recently announced that it has sold its office and consumer products business to 3M Co. for $550 million. We are affirming our 'BBB' corporate credit rating on Avery, as well as our 'A-2' rating on the company's commercial paper (CP). The outlook is positive. The positive outlook reflects the potential for a modest upgrade during the next year or two if Avery maintains pro forma credit metrics at or above current levels and management adheres to policies that support improving credit quality. NEW YORK (Standard & Poor's) Jan. 5, 2012--Standard & Poor's Ratings Services said today that it has affirmed its 'BBB' corporate credit rating and other ratings, including the 'A-2' CP rating, on Pasadena, Calif.-based...
Companies mentioned in this report are: Avery Dennison Corp.,3M Co.,ADOP Co.
Action: Affirmed
Action: Outlook: Positive
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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