S&P not reviewing Avery Dennison for ratings lift
NEW YORK (AP) — Standard & Poor's Ratings Services on Tuesday lowered its outlook for Avery Dennison to "Stable" from "Positive," saying that it doesn't expect the office products maker's finances to improve enough over the next several quarters to warrant a credit rating upgrade.
S&P has a "BBB" rating, one of the lowest investment-grade ratings, on the Pasadena, Calif.-based company.
Avery Dennison wants to sell off its office and consumer products business, using the funds to cut debt and contribute to its pension plan.
Avery Dennison shares rose 15 cents to $34.03 in afternoon trading.