ADOP Company -- Moody's assigns Prime-2 rating to Avery's new global commercial paper program; affirms Baa2 ratings

New York, March 15, 2016 -- Moody's Investors Service assigned a Prime-2 rating to Avery Dennison Treasury Management B.V. (ADTM ) new $500 million global commercial paper (CP) program. ADTM is a wholly owned subsidiary of Avery Dennison Corporation (Baa2, P-2, stable) who fully and unconditionally guarantee amounts outstanding under the new program. Moody's also affirmed Avery's existing Baa2 and P-2 ratings. ADTM's new $500 million CP program, to be used for general corporate purposes, is supported by Avery's $700 million multi-jurisdictional revolving credit facility due October 3, 2019. Avery will not issue more than $700 million under both its and ADTM's programs in order to maintain full back up under these programs and is guaranteed by Avery. The outlook for all ratings is stable.

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