Berry Global Inc.'s Proposed Senior Secured Notes Rated 'BBB-' (Recovery Rating: '2')

SAN FRANCISCO (S&P Global Ratings) Jan. 10, 2024--S&P Global Ratings today said it assigned its 'BBB-' issue-level rating to Berry Global Inc.'s proposed first-priority senior secured notes due 2034. It also assigned a '2' (70%-90%; rounded estimate: 75%) recovery rating to the debt. 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. We expect the company will use the proceeds from these notes to repay a portion of its existing term loans due 2026. For the most recent update, please see our full analysis on Berry Global Group, published on Dec. 7, 2023, on RatingsDirect. General

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