Leading U.S. manufacturer of rigid and flexible packaging Modest free cash flow generation Serves mostly stable end markets Lower margins in flexible packaging business Modestly improving credit measures Potential acquisitions limit improvement in financial profile The stable outlook on Berry Plastics Corp. reflects gradually improving operating trends and deleveraging at about 0.5x annually which should continue to support the aggressive financial risk profile during the next year. During this period, we anticipate that Berry will continue to undertake small bolt-on acquisitions as a part of its growth strategy while maintaining its aggressive financial risk profile. The stable outlook also reflects the maintenance of adequate liquidity and financial policies consistent with the 0.5x annual reduction in leverage. We consider a downgrade
