Good market position and capabilities within the flexible packaging solutions industry. Good end-market diversity but geographically concentrated in the U.S. Acquisitive growth strategy results in many synergy opportunities as well as continued integration risks. Smaller scale than some larger, well-capitalized competitors. History of debt-financed acquisitions resulting in elevated credit measures. Minimum margin for underperformance under aggressive financial policies by its financial sponsor. The negative outlook on ProAmpac PG Intermediate LLC reflects the elevated likelihood that S&P Global Ratings will lower our ratings on the company during the next 12 months if the company's leverage does not improve toward more appropriate levels. This could occur if the company faces operational missteps, fails to achieve its targeted synergies, or pursues additional debt-funded
