S&P: Avery Dennison notes BBB

Standard & Poor's said it assigned a BBB senior unsecured debt rating to Avery Dennison Corp.'s proposed $250 million senior unsecured notes due 2023.

Avery will use proceeds to repay existing indebtedness under its commercial-paper program, S&P said.

The existing ratings on Avery, including the BBB long-term corporate credit rating and A-2 short-term rating, are unchanged.

The outlook is stable.

The ratings reflect the company's satisfactory business risk profile and intermediate financial risk profile, S&P said.

Avery's key business strengths include a leading global market position in pressure-sensitive materials and retail tag and labeling systems, well-established brands and broad geographic diversity, the agency said.

Sales of pressure-sensitive materials are somewhat dependent on the level of general economic activity, but have been fairly resilient in the past recession, S&P said.

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