Berry Plastics Corp.'s $700 Million Proposed Senior Unsecured Notes Rated 'B-'; Corporate Credit Rating Affirmed

Berry Plastics Corp. intends to issue $700 million of new senior unsecured notes to help refinance existing debt. We are affirming our ratings on Berry, including our 'B+' corporate credit rating; the outlook is stable. The stable outlook reflects our expectation of gradually improving operating trends and debt reduction, reflecting the company's ongoing "aggressive" financial risk profile, as defined by our criteria. NEW YORK (Standard&Poor's) May 21, 2015--Standard&Poor's Ratings Services affirmed its 'B+' corporate credit rating and all other existing ratings on Evansville, Ind.-based plastic packaging producer Berry Plastics Corp. The outlook is stable. We also assigned a 'B-' issue-level rating and '6' recovery rating to the proposed $700 million second-priority senior secured notes due 2023.

...+ Berry Plastics Corp. intends to issue $700 million of new senior unsecured notes to help refinance existing debt. + We are affirming our ratings on Berry, including our 'B+' corporate credit rating; the outlook is stable. + The stable outlook reflects our expectation of gradually improving operating trends and debt reduction, reflecting the company's ongoing "aggressive" financial risk profile, as defined by our criteria. NEW YORK (Standard & Poor's) May 21, 2015--Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating and all other existing ratings on Evansville, Ind.-based plastic packaging producer Berry Plastics Corp. The outlook is stable. We also assigned a 'B-' issue-level rating and '6' recovery rating to the proposed $700 million second-priority senior secured notes due 2023. The '6' recovery rating indicates our expectation of a negligible (0% to 10%) recovery in the event of a payment default. "Our ratings on Berry reflect the company's 'aggressive' financial...

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