The ratings on Consolidated Container Co. LLC and its wholly owned subsidiary, Consolidated Container Capital Inc., reflect stable operating performance, which should continue to support 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 improved operating efficiencies to continue to support the ratings despite softness in overall volumes. The ratings also reflect the company's highly leveraged financial profile and weak business risk profile. The business risk assessment incorporates high customer concentration and a highly fragmented and competitive industry structure, somewhat mitigated by relatively stable beverage and consumer product packaging markets. Consolidated Container has annual revenues of about $735 million and is a domestic
