Berry Plastic Corp.'s intent to reduce leverage and favorable operating trends should improve credit metrics. As a result, we raised the corporate credit rating to 'B+' from 'B'; the outlook is stable. We raised all other existing issue ratings on the company by one notch in connection with the upgrade of the corporate credit rating. We also assigned a 'B-' issue rating and '6' recovery rating to the proposed $500 million of new second-priority lien notes due 2022 which the company will use to refinance the existing 9.50% $500 million second-priority lien notes due 2018. The stable outlook reflects our expectation of gradually improving operating trends and debt reduction which will maintain the aggressive financial risk profile. On May 5,
