S&P cuts Avery Dennison

Standard & Poor's said it lowered Avery Dennison Corp.'s corporate credit and senior unsecured debt ratings to BBB from BBB+ and affirmed the A-2 short-term ratings.

The outlook is stable.

"The downgrade reflects our expectation that because of weak sales volumes, raw material cost inflation and less than expected discretionary cash flow for debt reduction the company's financial profile is unlikely to strengthen in the next several quarters to the extent necessary to support the former ratings," S&P analyst Cynthia Werneth said in a statement.

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