Citing recent improvements in Owens-Illinois Inc operating results, Fitch Ratings upgraded its credit ratings for the container glass maker on 10 December 2007. Fitch upgraded the Ohio-based company's issuer default rating to 'B+' from 'B,' partially based on lower debt levels following the sale of the company's plastics business. Companies with a rating in the 'B' range tend to have an uneven financial profile. Fitch said Owens-Illinois' outlook is "positive", based on improving business fundamentals. A positive outlook implies an increase in the company's ratings is likely, usually in the next eight to 12 months. The credit rating service said Owens-Illinois' ratings "continue to be supported by the company's leading market positions, global footprint, technology leadership, and long-term customer relationships with large, stable customers."
