...June 8, 2021 NEW YORK (S&P Global Ratings) June 8, 2021--S&P Global Ratings today assigned its '###-' issue-level and '2' recovery ratings (rounded estimate: 70%) to Berry Global Inc.'s proposed first-priority senior secured notes due 2026. We expect the company to use approx. $500 million from the note proceeds to reduce the outstanding debt on its term loans. We've left unchanged our '###-' issue-level and '2' recovery ratings on Berry's existing first-lien term loans.. Our '##+' issuer credit rating and stable outlook on parent Berry Global Group Inc. are also unchanged. Berry is a leading global producer of flexible and rigid plastic packaging products, protective films, specialty nonwoven materials, and adhesives. The company's performance was solid through 2020 because the COVID-19 pandemic increased the demand for its products with protective properties. We expect the company's volumes to be modestly up over the next 12 months and anticipate it will sustain its EBITDA margins in...
