The ratings on Evansville, Ind.-based Berry Plastics Corp. reflect the risks associated with the company's highly leveraged financial profile and acquisition-driven growth strategy as well as its fair business risk profile. Berry is a leading producer of rigid plastic packaging products for applications in the relatively stable dairy, food, beverage, health care, and other consumer product industries. The company also manufactures flexible packaging products that serve in part more cyclical end markets. Berry is acquiring Pliant Corp., which is currently undergoing a reorganization under Chapter 11 of the U.S. Bankruptcy Code, for $620 million in cash (including transaction fees and expenses) and the assumption of $21 million of capital leases. The $641 million purchase price represents a 7.8x multiple of
