U.S.-based plastic packaging maker Berry Plastics Corp. plans to issue $300 million of second-priority senior secured notes due 2018 for general corporate purposes. We are assigning a 'CCC' senior secured debt rating and a recovery rating of '6' to these notes. We are also affirming all our existing ratings on Berry including the 'B-' corporate credit rating. The stable outlook reflects our view that Berry is likely to maintain credit quality and to gradually improve operating results, despite its very high debt leverage and aggressive strategy of growth via acquisitions. On April 22, 2010, Standard&Poor's Ratings Services assigned its 'CCC' senior secured debt rating to Berry Plastics Corp.'s proposed offering of $300 million of second-priority senior secured notes
