Dominant market shares in niche markets Diversified product mix Commodity risk exposure mitigated by contractual input cost pass-through Significant exposure to the housing and construction markets Aggressive financial policies persist Very high debt leverage, with adjusted debt-to-EBITDA of about 8.1x as of Sept. 30, 2016 Growth strategy that is dependent on debt-financed acquisitions Consistent free cash flow generation and covenant-lite capital structure partially offsets leverage concerns 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 moderately improve. We expect that BWAY will maintain an adjusted debt-to-EBITDA ratio at around 8x, which, combined with its consistent free cash
