On April 30, 2002, Standard&Poor's lowered its long-term corporate credit ratings on Consolidated Container Company LLC and its wholly owned subsidiary, Consolidated Container Capital Inc., and placed the ratings on CreditWatch with negative implications. Atlanta, Ga.-based Consolidated is a domestic producer of rigid plastic containers for a variety of consumer products, including dairy, water, foods, beverages, household and agricultural chemicals, and motor oil. The downgrade reflects continued weakness in Consolidated's financial performance and constrained financial flexibility. The CreditWatch listing highlights Standard&Poor's heightened near-term concerns about potential deterioration in liquidity due to possible violation of financial covenants in the company's recently amended revolving credit facility. The credit agreement requires that Consolidated achieve minimum EBITDA of $35 million
