Moody's affirms Berry

Moody's Investors Service said it affirmed the corporate family rating of B3 of Berry Plastics Corp. and assigned a B1 rating to the new senior secured notes due 2015.

The outlook is stable.

The agency said that this rating action is in response to the company's announcement on April 14, 2008 that it issuing $530 million senior secured floating-rate notes to replace the $520 million senior secured bridge facility (not rated) used to finance its $500 million acquisition of Captive Holdings, Inc.

The agency noted that the affirmation of Berry's corporate family rating reflects the company's success to date integrating previous acquisitions, potential for significant synergies and Captive's strategic fit with Berry's core rigid plastic business.

According to Moody's, the ratings are constrained by Berry's aggressive financial and acquisition policies, weakened credit metrics and heightened integration and financial risk.

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