On May 5, 2004, Standard&Poor's Ratings Services assigned its 'B-' rating and a recovery rating of '2' to Consolidated Container Co. LLC's proposed $245 million senior secured credit facilities due 2008, subject to preliminary terms and conditions. The 'B-' rating is the same as the corporate credit rating; this and the '2' recovery rating indicate an expectation of substantial (80%-100%) recovery of principal in the event of a default. Standard&Poor's also assigned its 'CCC' rating and a '5' recovery rating to the proposed $170 million senior secured second lien notes due 2009, which are to be issued under Rule 144A with registration rights by Consolidated Container Co. LLC and its wholly owned subsidiary, Consolidated Container Capital
