Dominant shares in niche markets Diversified product mix Exposed to the housing and construction markets Very high debt leverage, with a total adjusted debt-to-EBITDA metric of about 8.6x as of March 31, 2015 Growth strategy that is somewhat dependent on debt-financed acquisitions A covenant-lite capital structure that reduces pressure on liquidity The stable outlook on BWAY Holding Co. reflects our expectation that continued U.S. residential construction growth and internal process improvements will support the company's operating performance and cause its profit margins to improve incrementally. We expect that BWAY's funds from operations (FFO)-to-debt ratio will remain in the 6.5%-7.5% range, with sufficient capacity available under the revolving facility. We could lower our ratings on BWAY if the company's operating performance
