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S&P upgrades Berry Global
S&P said it raised the corporate credit rating on Berry Global Group Inc. to BB from BB-.
The outlook is positive.
At the same time, the agency raised the issue-level rating on the company's first-lien term loan to BBB- from BB and revised the recovery rating to 1 from 2, indicating an expectation for very high (90%-100%; rounded estimate: 95%) recovery in a payment default scenario.
Additionally, S&P raised the issue-level rating on Berry's second-lien secured notes to BB- from B+. The 5 recovery rating remains, indicating an expectation for modest (10%-30%; rounded estimate: 10%) recovery.
The agency said the upgrade reflects the continued growth of Berry's overall business and its ongoing commitment to reduce its debt.
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