SAN FRANCISCO (S&P Global Ratings) March 27, 2023--S&P Global Ratings today assigned its 'BBB-' issue-level rating and '2' (70%-90%; rounded estimate: 75%) recovery rating to Berry Global Inc.'s proposed first-priority senior secured notes. We expect the company will use the proceeds from these notes to finance the tender offer for its 0.95% secured notes due 2024 and prepay its existing term loans. Our 'BBB-' issue-level rating and '2' recovery rating on Berry's existing first-lien term loans, as well as our 'BB+' issuer credit rating and stable outlook on parent Berry Global Group Inc., are unchanged. Berry is a leading global producer of flexible and rigid plastic packaging products, protective films, specialty nonwoven materials, and adhesives. Though we expect softer demand
