Improving operating performance and debt reduction at U.S.-based Berry Plastics Corp. (Berry) continue to support an improving financial profile. We raised the corporate credit rating to 'B' from 'B-' and removed all ratings from CreditWatch positive. We also raised the issue-level ratings on the company's first-lien senior debt to 'B+' from 'B' and second-lien, subordinated debt, and its parent company's senior unsecured debt to 'CCC+' from 'CCC'. The stable outlook reflects our expectation of favorable operating trends that should enable Berry Plastics to preserve a financial profile consistent with the current ratings. On Nov. 16, 2012, Standard&Poor's Ratings Services raised its corporate credit rating on Berry Plastics Corp. to 'B' from 'B-'. At the same time, we raised
