Berry Plastics Corporation http://www.alacrastore.com/company-snapshot/Berry_Plastics_Corporation-2521210 Saturday, October 11, 2008 9:25:51 PM 2521210 Berry Plastics Corporation en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/642932spcred/642932normThe latest Research Update from S&Pglobal4/15/2008 3:25:58 PM175Research Update642932United StatesMetal & Glass ContainersUnited StatesGlobal IssuersCorporationsChemicalsResearch UpdateOn April 15, 2008, Standard&Poor's Ratings Services assigned a 'BB-' and '1' recovery rating to Berry Plastics Corp.'s $530.6 million first-priority floating-rate senior secured notes due 2015. The 'BB-' and '1' recovery rating indicate the expectation of very high (90%-100%) recovery in the event of a payment default. Proceeds from the proposed notes will be used to refinance the company's existing $520 million first-lien bridge loan, which was issued to fund the acquisition of Captive Plastics Inc. in February 2008. We affirmed all the ratings on Berry, including the 'B' corporate credit rating (see list below). The outlook is negative. At Dec. 29, 2007, Evansville, Indiana-based Berry had total debt (adjusted to include capitalized operating leases and unfundedUSA08579108579J15103010 151030 1510 15Berry Plastics Corp.404726USA5719ZRESUPDUSA08579JBerry Plastics Group Inc.418706USAGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/642931spcred/642931normThe latest News from S&Pglobal4/15/2008 3:25:00 PM100News642931United StatesMetal & Glass ContainersUnited StatesGlobal IssuersCorporationsChemicalsNewsNEW YORK (Standard&Poor's) April 15, 2008--Standard&Poor's Ratings Services said today that it assigned a 'BB-' and '1' recovery rating to Berry Plastics Corp.'s $530.6 million first-priority floating-rate senior secured notes due 2015. The 'BB-' and '1' recovery rating indicate the expectation of very high (90%-100%) recovery in the event of a payment default. Proceeds from the proposed notes will be used to refinance the company's existing $520 million first-lien bridge loan, which was issued to fund the acquisition of Captive Plastics Inc. in February 2008. We affirmed all the ratings on Berry, including the 'B' corporate credit rating. The outlook is negative. At Dec. 29, 2007, Evansville, Indiana-based Berry had total debt (adjusted to include capitalizedUSA08579108579J15103010 151030 1510 15Berry Plastics Corp.404726USA5719ZNEWSUSA08579JBerry Plastics Group Inc.418706USAGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_152378_809680176moodys/PR_152378_809680176htmlGlobal Credit Research Rating Action ## APR #### Rating Action: Berry Plastics Corporation Moody's rates Berry's new senior secured FRN B#, affirms CFR & outlook Approximately $#.# billion of rated debt instruments affected New York,...4/15/2008 12:26:17 AMhtmlBerry Plastics CorporationBerry Plastics Corporation809680176150.0000NewsRating ActionPR_152378_809680176Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_148915_820219612moodys/PR_148915_820219612htmlRating Action2/13/2008 12:53:28 AMGlobal Credit Research Rating Action ## FEB #### Rating Action: Berry Plastics Group, Inc. Moody's affirms CFR of Berry Plastics, downgrades certain instrument ratings following announcement of acquisition financing; outlook stable...Berry Plastics Group, Inc.820219612150.0000Newshtml809680176Berry Plastics Holding Corporation809163102Covalence Specialty Materials CorporationBerry Plastics Group, Inc.; Berry Plastics Holding Corporation; ...PR_148915_820219612Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/628302spcred/628302normThe latest Full Report from S&P1/30/2008 1:18:05 PMFull Report400global628302United StatesMetal & Glass ContainersUnited StatesGlobal IssuersCorporationsChemicalsFull ReportExpanded market position across various rigid and flexible product segments; and Well-diversified customer base, mostly in food and consumer products markets. Fragmented and highly competitive industry structure; High and volatile raw material (plastic resin) prices; and High debt and a highly leveraged financial policy, with an acquisition-driven growth strategy. The rating on Berry Plastics Group Inc. and its subsidiary Berry Plastics Corp. (formerly known as Berry Plastics Holding Corp.) reflects the company's highly leveraged financial profile, which offsets its fair business profile with large market shares in niche segments, a well-diversified customer base, and strong customer relationships. Berry ranks among the largest packaging companies in North America, with leading positions in both the rigid and flexible plastic packaging segments. ProUSA08579108579J15103010 151030 1510 15Berry Plastics Corp.404726USA5719ZFULLUSA08579JBerry Plastics Group Inc.418706USAGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/628305spcred/628305normThe latest Summary from S&P1/30/2008 1:18:05 PMSummary175global628305United StatesMetal & Glass ContainersUnited StatesGlobal IssuersCorporationsChemicalsSummaryThe rating on Berry Plastics Group Inc. and its subsidiary Berry Plastics Corp. (formerly known as Berry Plastics Holding Corp.) reflects the company's highly leveraged financial profile, which offsets its fair business profile with large market shares in niche segments, a well-diversified customer base, and strong customer relationships. Berry ranks among the largest packaging companies in North America, with leading positions in both the rigid and flexible plastic packaging segments. Pro forma for the recently announced Captive Plastics Inc. acquisition, the company has about $3.5 billion in annual sales. Berry has obtained financing commitments to fund the acquisition of Captive for about $500 million in cash, and it expects to close the transaction in the first quarter of 2008, subjectUSA08579108579J15103010 151030 1510 15Berry Plastics Corp.404726USA5719ZSUMMARYUSA08579JBerry Plastics Group Inc.418706USAGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/SGL_0809680176moodys/SGL_0809680176htmlSpec Grade Liquidity Assmt1/3/2008 7:55:23 PMGlobal Credit Research Spec Grade Liquidity Assmt ## APR #### Spec Grade Liquidity Assmt: Berry Plastics Holding Corporation Berry Plastics Holding Corporation MOODY'S AFFIRMS SGL-# SPECULATIVE GRADE LIQUIDITY RATING OF BERRY PLASTICS...Berry Plastics Holding Corporation809680176300.0000AnalysishtmlBerry Plastics Holding CorporationSGL_0809680176Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_809680176moodys/COP_809680176htmlGlobal Credit Research Credit Opinion ## APR #### Credit Opinion: Berry Plastics Corporation Berry Plastics Corporation Evansville, Indiana, United States Ratings Category Moody's Rating Outlook Stable Corporate Family Rating B# Sr...1/3/2008 7:55:00 PMhtmlBerry Plastics CorporationBerry Plastics Corporation809680176150.0000NewsCredit OpinionCOP_809680176Credit & Investment ResearchMoody's Global Credit Research