S&P rates Avery Dennison notes BBB-

Standard & Poor's said it assigned a BBB- rating to Avery Dennison Corp.'s proposed $400 million of senior unsecured notes due 2020 to be issued as part of $400 million of HiMEDS units. The ratings are on CreditWatch with negative implications. The A-2 short-term ratings are affirmed.

Proceeds will be used to refinance a portion of the short-term debt incurred for its $1.3 billion June acquisition of Paxar Corp.

The ratings reflect the company's strong market positions and relatively stable cash generation, the agency said.

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