S&P: Avery Dennison stable

Standard & Poor's said it revised its outlook on Avery Dennison to stable from positive.

The agency affirmed all other ratings, including the BBB corporate credit rating.

"The outlook revision reflects our expectation that Avery is unlikely to improve its financial profile to a level that would warrant a higher rating during the next several quarters," said S&P credit analyst Henry Fukuchi in a news release.

"Despite initiatives to increase revenues and improve profitability, we do not expect the financial profile to materially improve in the near term, in part, due to the continuation of challenging business conditions."

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