Operating performance and credit measures at U.S.-based packaging company Consolidated Container Co. LLC have weakened over the past few quarters. The company is also incurring additional debt to fund the Envision acquisition. We are lowering our corporate credit rating on Consolidated Container to 'B-' from 'B' and lowered all our issue-level ratings by one notch. We are also assigning a 'CCC' issue-level and '6' recovery rating to the company's proposed $80 million second-lien term loan. The stable outlook reflects our expectation that credit measures will gradually improve from current levels, and that the company will continue to maintain "adequate" liquidity. On June 3, 2014, Standard&Poor's Ratings Services lowered its corporate credit rating on Consolidated Container Co. LLC to
