S&P puts Berry Plastics on watch

Standard & Poor's said it revised its CreditWatch implications on the B+ corporate credit rating on Berry Plastics Corp. to negative from developing.

The agency noted that the CreditWatch revision follows the company's announcement that it has commenced a cash tender offer for all of its outstanding $335 million of 10.75% senior subordinated notes due 2012.

The ratings on Berry reflect the company's large market shares in its niche segments, a well-diversified customer base, strong customer relationships and a highly leveraged financial profile, S&P said.

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