NEW YORK (Standard&Poor's) November 12, 2001--Standard&Poor's today lowered its ratings on Consolidated Container Company LLC and its wholly owned subsidiary, Consolidated Container Capital Inc. (see list below). The outlook is negative. The ratings action reflects increased concerns regarding the company's weaker-than-expected financial performance due to operating challenges faced in several new product introductions and recent plant rationalizations. Consequently, the company is in violation of its financial covenants and is seeking a waiver from its senior lenders. While this development elevates near-term credit concerns, Standard&Poor's expects that the company will be able to successfully obtain the necessary waivers and amendments to its bank facility to maintain acceptable liquidity until operating results can be improved. The
