NEW YORK (S&P Global Ratings) May 16, 2019—S&P Global Ratings said today that it is assigning its 'BBB-' issue-level rating and '2' recovery rating (rounded estimate: 70%) to Berry Global Inc.'s proposed $2 billion first-priority senior secured note and its 'BB' issue-level rating and '5' recovery rating (rounded estimate: 15%) to the company's proposed $1 billion second-priority senior secured note. The company will use proceeds from the note issuance to complete the funding of its proposed $6.5 billion acquisition of RPC Group PLC. The proposed $3 billion of notes issuance is consistent with our previous recovery analysis, published May 7, 2019. The issuer credit rating remains 'BB+' and the outlook remains negative on Berry Global Group Inc. Issue Ratings -
