Standard&Poor's Ratings Services' ratings on Evansville, Ind.-based plastic packaging producer Berry Plastics Corp. reflect the risks associated with its highly leveraged financial risk profile and growth-via-acquisition strategy, as well as its fair business risk profile. Berry is a leading producer of rigid plastic packaging products for relatively stable dairy, food, beverage, health care, and other consumer product applications. The company also manufactures flexible packaging products, some of which serve more cyclical end markets. Berry is a leading supplier of plastic injection-molded and thermoformed open-top containers, aerosol overcaps, drinking cups, housewares, and closures for the food, beverage, and health care industries. EBITDA margins in the rigid-packaging business have been attractive in the 17% to 20% range. Berry's flexible packaging
