Packaging producer Consolidated Container operates in relatively stable end markets and is implementing cost-cutting initiatives. Its high leverage, competitive industry, and high customer concentration remain concerns. We are lowering the issue rating and revising the recovery rating on the first-lien term loan to reflect adjustments to our default assumptions. The stable outlook on the rating reflects our expectation of decent cash flow generation and the preservation of sufficient liquidity. On May 1, 2009, Standard&Poor's revised the recovery rating on Consolidated Container Co. LLC's $390 million first-lien senior secured term loan to '3' from '2'. We lowered the issue rating to 'B-' from 'B'. The ratings indicate our expectation of meaningful (50% to 70%) recovery in the event of
