U.S. container manufacturer BWAY Holding Co.'s proposed dividend recapitalization will increase leverage and weaken its credit measures. We lowered the corporate credit rating on BWAY and all related entities to 'B-' from 'B' reflecting the increased leverage. The stable outlook incorporates improvement in earnings and free cash flow generation primarily due to better operating trends supported by manufacturing efficiencies, various cost-reduction efforts, and favorable trends related to its key end markets. The stable outlook also reflects modest deleveraging after the transaction and adequate liquidity to meet its ongoing operational needs. On July 31, 2014, Standard&Poor's Ratings Services lowered its corporate credit rating on Atlanta-based BWAY Holding Co. and all related rated entities, including BOE Intermediate Holding Corp., BWAY
