The ratings on Consolidated Container Co. LLC and its wholly owned subsidiary, Consolidated Container Capital Inc., reflect Standard&Poor's Ratings Services' assessment of the company's financial profile as "highly leveraged" and its business profile as "weak." The ratings reflect the company's stable operating performance, "adequate" liquidity, positive free cash flow generation, and a financial profile consistent with the rating. We expect ongoing cost reductions, favorable raw material pass-through provisions, and commercialization of new products to continue to support favorable operating trends. After Bain Capital Partners' acquisition of Consolidated Container, we expect the company's adjusted debt to EBITDA to be about 6x and its funds from operations (FFO) to adjusted debt to be about 12%. We believe that favorable operating
