Beverage Packaging Holdings (Luxembourg) I S.A. and related entities have revised the funding plans for the acquisition of two U.S.-based packaging companies for about €2.2 billion. We believe the revised funding structure, including about $200 million of additional debt, will further weaken the group's already stretched credit metrics. We are revising the outlook to negative and affirming the 'B+' corporate credit ratings. We are also assigning 'BB-' senior secured debt ratings to proposed issues by Reynolds Consumer Products Holdings Inc. and Reynolds Group Issuer (Lux) S.A. FRANKFURT (Standard&Poor's) Oct. 27, 2009--Standard&Poor's Ratings Services said today it revised to negative from stable its outlook on Switzerland-based aseptic-carton packaging supplier SIG Combibloc Group AG (SIG) and its owner,
