Fitch rates Berry Global notes BBB-

Fitch Ratings said it assigned BBB-/RR2 ratings to Berry Global, Inc.'s planned five-year first-lien senior secured notes. Berry's long-term issuer default rating is BB+, and the outlook is stable.

The rating reflects Berry's significant size, scale and capabilities within the growing plastic packaging market. This results in advantaged feedstock purchasing power, which is further bolstered by contractual pass-throughs, and a diversified product, customer, end market and geographic mix. Management's increasingly credit-conscious capital allocation and financial policy resulted in gross debt repayment in 2020 of about $1.2 billion,” Fitch said in a press release.

Proceeds are intended to refinance first-lien debt.

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