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S&P rates Sealed Air loans BB+
Standard & Poor’s said it assigned a BB+ rating and 2 recovery rating to Sealed Air Corp.’s $2.13 billion senior secured credit facilities.
The 2 recovery rating indicates 70% to 90% expected default recovery.
All of the other ratings on Sealed Air, including the BB corporate rating, remain unchanged.
The outlook remains stable.
The proceeds will be used to refinance its existing revolver, term loan A and term loan B borrowings, S&P said.
The ratings reflect Sealed Air’s strong business risk and aggressive financial risk profile, the agency said.
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