Fitch assigns Berry Global BB+

Fitch Ratings said it assigned Berry Global Group, Inc. and Berry Global, Inc. a first-time BB+ long-term issuer default rating. Also, Fitch gave issue-level ratings of BBB-/RR1 to Berry Global Inc.'s first-lien asset-based lending revolver, a BBB-/RR2 to the first-lien term loans and notes and a BB+/RR4 to the second-lien notes.

“The rating reflects Berry's significant size, scale and capabilities within a growing plastic packaging market resulting in advantaged feedstock purchasing power, which is further bolstered by contractual pass-throughs, and a diversified product, customer, end market and geographic mix that supports a low-cost market position and mitigates volumetric, pricing and margin risks,” Fitch said in a press release.

Proceeds from the proposed first-lien notes will be used to refinance the first-lien term loan.

The outlook is stable.

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