Leading U.S. manufacturer of rigid and flexible packaging. Relatively stable earnings, particularly in the high-margin rigid segment. Well-diversified customer base. Very highly leveraged. Vulnerable to working capital swings caused by volatile raw material costs. Some exposure to cyclical construction and auto markets. Risks associated with the company's strategy of growth via acquisitions. The ratings on Evansville, Ind.-based Berry Plastics Corp. reflect the risks associated with the company's highly leveraged financial profile and acquisition-driven growth strategy as well as its fair business risk profile. Berry is a leading producer of rigid plastic packaging products for applications in the relatively stable dairy, food, beverage, health care, and other consumer product industries. The company also manufactures flexible packaging products that serve in part
