This report does not constitute a rating action. Ring Container has continued to perform steadily despite variability in demand across product categories. Through the first nine months of the year, volumes for its high-density polyethylene (HDPE) containers, primarily used for edible oil in food service channels, increased, while volumes for its polyethylene terephthalate (PET) products, primarily used in retail food channels, decreased. Volume growth in its HDPE containers is due to a recovery in food service demand as larger chains focus on value offerings. The growth was also driven by the launch of its UltraLite35 technology, which reduces material use and improves sustainability, efficiency, and cost-effectiveness for customers. Volumes in its PET products were weaker as continued inflation pressures household
