U.S. plastic packaging maker Berry Plastics Corp. plans to issue $800 million of second-priority senior secured notes due 2020 to replace existing fixed-rate second-priority senior secured notes due 2014. We are assigning a 'CCC' issue-level rating and a recovery rating of '6' to the proposed notes. We are affirming all our other ratings on Berry, including the 'B-' corporate credit rating. The stable outlook indicates our expectation that management can stabilize cash flow, gradually improve credit metrics, and maintain liquidity at acceptable levels. On Nov. 9, 2010, Standard&Poor's Ratings Services assigned a debt rating of 'CCC' (two notches below the 'B-' corporate credit rating) and a recovery rating of '6' to Berry Plastic Corp.'s proposed offering of $800
