Our 'B' rating on W/S Packaging Holdings Inc. has been derived from: Our anchor of 'b', based on our "fair" business risk and "highly leveraged" financial risk profile assessments for the company. All modifiers are neutral for the rating. Relatively narrow scope of operations in the highly fragmented North American primary packaging labels segment. Leading market positions in a niche packaging segment (pressure-sensitive labels). Long-standing relationships with key customers, and low customer concentration. Low geographic diversification. Highly leveraged financial risk profile. Stable free cash generation. Risks associated with an acquisitive growth strategy. The stable outlook reflects our expectation that the company's stable cash flow generation and preservation of sufficient liquidity are key factors to maintain the ratings. Given its financial-sponsor
