Green Bay, Wis.-based label producer W/S Packaging Group Inc., a subsidiary of W/S Packaging Holdings Inc., plans to issue $276 million in senior secured credit facilities and to use the proceeds to refinance existing debt. We are assigning a 'B' corporate credit rating to W/S Packaging Holdings Inc. and a 'B+' issue-level rating and '2' recovery rating to the proposed credit facilities. The stable outlook indicates our expectation that gradual earnings growth and solid profitability, together with the maintenance of a highly leveraged financial profile, should result in credit metrics appropriate for the ratings. On July 12, 2013, Standard&Poor's Ratings Services assigned a 'B' corporate credit rating to W/S Packaging Holdings Inc. The outlook is stable. In addition,
