Berry Plastics Escrow LLC and Berry Plastics Escrow Corp.--which are newly formed, wholly owned subsidiaries of Berry Plastics Corp.--are jointly issuing first- and second-lien debt to finance Berry's planned acquisition of Pliant Corp. Based on preliminary terms and conditions, we assigned a 'B' senior secured debt rating and a '2' recovery rating to the proposed offering of first-lien notes, and we assigned a 'CCC' senior secured debt rating and a '6' recovery rating to the proposed offering of second-lien notes. We also lowered the ratings on Berry's existing first- and second-lien debt based on our updated recovery analysis, but we affirmed our 'B-' corporate credit ratings on Berry and its parent holding company, Berry Plastics Group Inc. The stable outlook
