Standard&Poor's Ratings Services' ratings on Evansville, Ind.-based plastic packaging producer Berry Plastics Corp. reflect the risks associated with its high debt leverage 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. It also manufactures flexible packaging products, some of which serve more-cyclical end markets. During the first three quarters of fiscal 2011, rigid and flexible packaging each accounted for about half of sales, but the rigid business generated about three-quarters of total EBITDA and the flexible business about one-quarter. Berry is a leading supplier of plastic injection-molded and thermoformed open-top containers, aerosol overcaps,
