S&P rates Libbey notes B+

Standard & Poor's said it affirmed its B+ corporate credit rating on Libbey Inc. The outlook is stable.

At the same time, the agency said it assigned a B+ issue-level rating to Libbey's proposed senior secured notes due 2020. The recovery rating on the new notes is 3, indicating an expectation of meaningful recovery in the event of a payment default.

"Libbey has experienced a rebound in profitability to prerecessionary levels," said S&P credit analyst Stephanie Harter said in a news release.

"We expect the company to maintain its leading market positions, continue to improve its operating performance and gradually strengthen credit measures following an initial increase in leverage resulting from this refinancing."

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