Relatively narrow scope of operations in the highly fragmented North American primary packaging labels segment Leading market position in a niche segment (pressure-sensitive labels) Long-standing relationships with key customers Low geographic diversification Limited headroom under financial covenants Highly leveraged financial risk profile Limited free cash generation S&P Global Ratings' negative outlook on Green Bay, Wis.-based W/S Packaging Holdings Inc. reflects the belief that the company remains at risk of violating its financial covenants and may be unable to meet its scheduled principal and interest payments if its operating performance does not improve significantly and management does not obtain a timely amendment to its credit agreement. We could lower our ratings on W/S Packaging if the company is unable to improve
