Leading U.S. manufacturer of rigid and flexible packaging; Improved earnings and cash flow generation during the past year; and Serves mostly stable end markets. Very highly leveraged; Volatile raw material costs; Some exposure to cyclical construction, auto, and industrial markets and competitive conditions in more-stable end markets; and Risks associated with the company's strategy of growth via acquisitions. Standard&Poor's Ratings Services' ratings on Evansville, Ind.-based plastic packaging producer Berry Plastics Corp. reflect the risks associated with its high debt leverage and growth-via-acquisition strategy, as well as its fair business risk profile. Berry is a leading producer of rigid plastic packaging products for relatively stable dairy, food, beverage, health care, and other consumer product applications. It also manufactures flexible
