S&P: Plastipak outlook positive

Standard & Poor's said it revised the outlook Plastipak Holdings Inc. and subsidiary Plastipak Packaging Inc.'s BB- corporate credit ratings to positive from stable.

The agency assigned B issue and 6 recovery ratings to Plastipak Holdings' proposed $150 million senior unsecured notes due 2019.

Proceeds will be used to pay down borrowings under the company's $350 million revolving credit facility.

"The outlook revision on Plastipak to positive reflects our expectation for improved earnings, liquidity and credit metrics in 2009 and beyond," S&P analyst Paul Kurias said in a statement.

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