Avery Dennison Treasury Management B.V. -- Moody's affirms Avery Dennison Corporation Baa2 senior unsecured rating, stable outlook

Moody's Investors Service, ("Moody's") affirmed the Baa2 senior unsecured rating of Avery Dennison Corporation (Avery), the P-2 short term ratings and instrument ratings. The affirmation of the Baa2 senior unsecured rating reflects our expectations that the company will maintain strong credit metrics and excellent liquidity despite the anticipated negative impact of the coronavirus pandemic on its retail branding and information solutions and industrial and healthcare materials segments.