...Anchor Packaging, LLC's B2 corporate family rating (CFR) reflects the company's steady growth in packaging demand for food delivery and takeout, which has supported sales volume since the coronavirus pandemic. The CFR is also supported by a restrained level of capital spending that supports free cash flow (FCF) generation, a fairly diverse customer base, and the ability to pass through resin costs in the majority of its business, although with a time lag. These credit strengths are counterbalanced with the company's credit weaknesses, including its small scale with around $592 million in revenue for the twelve months that ended March 2023, profit volatility caused by a lag to pass through increases in input costs, and aggressive financial policy under private equity ownership with a focus on shareholder returns and potential acquisitions to supplement growth. The company also maintains good liquidity. Profit improved in 2022, as the company passed through resin prices and raw material costs...