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Rating Action:

Correction to text, Sept. 27, 2006 release: Moody's Changes Ratings on 20 Non-Paper Packaging Companies under LGD Rating Methodology

29 Sep 2006
Correction to text, Sept. 27, 2006 release: Moody's Changes Ratings on 20 Non-Paper Packaging Companies under LGD Rating Methodology

New York, September 29, 2006 -- Correction to text under Terphane Holding Corporation. Revised release follows.

Moody's Investors Service announced today the implementation of its new Probability-of-Default (PD) and Loss-Given-Default (LGD) rating methodology for the non-paper Packaging sector. The non-paper Packaging sector includes 20 companies subject to the LGD methodology.

Moody's current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in our notching practices across industries and will improve the transparency and accuracy of our ratings as our research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds.

Probability-of-default ratings (or PDRs) are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha-numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations.

Loss-given-default assessments (or LGDAs) are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%).

Following is a list of the rating actions for the non-paper Packaging sector. The rating immediately after the company name denotes the corporate family rating while the percentages next to the LGDAs represent the expected LGD rates.

AEP Industries, Ba3

PDR: Ba3

$175 million 7.875% senior notes due 2015, B1 --> B1, LGD4, 69%

Atlantis Plastics, Inc., B2

PDR: B2

$25 million revolving credit facility due 2011, B2 --> B1, LGD3, 35%

$120 million senior term loan due 2011, B2 --> B1, LGD3, 35%

$75 million junior term loan due 2012, Caa1 --> Caa1, LGD5, 84%

Ball Corporation, Ba1

PDR: Ba1

$715 million sr secured multi-currency revolver due 2011, Ba1 --> Ba1, LGD4, 52%

$35 million sr secured revolver due 2011 ("Canadian revolver"), Ba1 --> Ba1, LGD4, 52%

GBP 85 million ($157.2) sr secured term loan A due 2011, Ba1 --> Ba1, LGD4, 52%

EUR 350 million ($447.7) sr secured term loan B due 2011, Ba1 --> Ba1, LGD4, 52%

CAD 149 million (133.5) sr secured term loan C due 2011, Ba1 --> Ba1, LGD4, 52%

$500 million sr secured term loan D due 2011, Ba1 --> Ba1, LGD4, 52%

$550 million sr unsecured 6.875% notes due Dec 2012, Ba2 --> Ba1, LGD4, 52%

$450 million sr unsecured notes due Mar 2018, Ba2 --> Ba1, LGD4, 52%

Berry Plastics Holding Corporation, B1

PDR: B1

$200 million sr secured first lien revolver maturing 2012, Ba2 --> Ba1, LGD2, 18%

$675 million sr secured first lien term loan B due 2013, Ba2 --> Ba1, LGD2, 18%

$225 million sr secured 2nd lien FRNs due 2014, B2 --> B2, LGD4, 62%

$525 million sr secured 2nd lien notes due 2014, B2 --> B2, LGD4, 62%

BWAY Corp, B1

PDR: B1

$50 million sr secured first lien revolver due 2012, Ba3 --> Ba2, LGD2, 28%

$190 million sr secured first lien term loan B due 2013, Ba3 --> Ba2, LGD2, 28%

$5 million Canadian sr secured first lien revolver due 2012, Ba3 --> Ba2, LGD2, 28%

CAD 54.6 million sr secured first lien term loan C due 2012, Ba3 --> Ba2, LGD2, 28%

$200 million 10% sr subordinated notes due 15 Oct 2010, B3 --> B3, LGD5, 86%

Consolidated Container Company LLC, B3

PDR: B3

$45 million sr secured first lien revolver maturing 12/15/2008, B2 --> Ba3, LGD2, 18%

$216.2 million sr secured first lien term loan due 12/15/2008, B2 --> Ba3, LGD2, 18%

$182 million 10.75% sr secured second lien discount PIK notes due 06/15/2009, B3 --> B3, LGD4, 53%

$185 million 10.125% sr subordinated notes due 07/15/2009, Caa2 --> Caa2, LGD5, 85%

Constar International, Inc., B3

PDR: B3

$220.0 million senior secured FRNs due 2012, B3 --> B2, LGD3, 33%

$175 million 11% senior subordinated notes due 2012, Caa2 --> Caa2, LGD5, 88%

Covalence Specialty Materials Corporation, B1

PDR: B1

$300 million senior secured term loan C due 2013, Ba3 --> Ba3, LGD3, 34%

$175 million senior secured second lien term loan due 2013, B2 --> B2, LGD4, 62%

$265 million senior subordinated notes due 2016, B3 --> B3, LGD5, 86%

Crown Cork and Seal Company, Inc., Ba3

PDR: Ba3

$410 million Crown Americas sr secured first lien revolver maturing 05/15/2011, Ba2 --> Baa3, LGD2, 15%

$365 million Crown Americas sr secured first lien term loan B due 11/15/2012, Ba2 --> Baa3, LGD2, 15%

$350 million European Holdings sr secured first lien revolver maturing 05/15/2011, Ba2 --> Baa3, LGD2, 15%

€286.5 million ($347.8) Euro Holdings sr secured first Lien term loan B due 11/15/2012, Ba2 --> Baa3, LGD2, 15%

€460 million ($558.2) European Holdings 6.25% sr secured first lien notes due Sep 1, 2011, Ba2 --> Baa3, LGD2, 15%

$40 million Crown Canada sr secured first lien revolver maturing 05/15/2011, Ba2 --> Baa3, LGD2, 15%

$500 million Crown Americas 7.625% sr unsecured notes due 11/15/2013, B1 --> B1, LGD4, 62%

$600 million Crown Americas 7.750% sr unsecured notes due 11/15/2015, B1 --> B1, LGD4, 62%

$200 million CCK 8.00% sr unsecured notes due Apr 15, 2023, B2 --> B2, LGD6, 92%

$350 million CCK 7.375% sr unsecured notes due Dec 15, 2026, B2 --> B2, LGD6, 92%

$150 million CCK 7.50% sr unsecured notes due Dec 15, 2096, B2 --> B2, LGD6, 92%

$107 million (orig $300 million) Crown Cork PLC sr unsecured notes due Dec 15, 2006, B2 --> B2, LGD6, 92%

Graham Packaging, L.P., B2

PDR: B2

$250 million senior secured first lien revolver due 2010, B2 --> B1, LGD3, 32%

$1,578 million senior secured first lien term loan due 2011, B2 --> B1, LGD3, 32%

$250 million second lien term loan C due 2012, B3 --> B3, LGD5, 74%

$250 million 8.5% senior unsecured notes due 2012, Caa1 --> Caa1, LGD5, 83%

$375 million senior subordinated notes due 2014, Caa2 --> Caa1, LGD6, 92%

National Wine & Spirits, Inc., B2

PDR: B2

$110 million 10.125% senior unsecured notes payable due 2009, B3 --> B3, LDG4, 64%

Owens-Illinois, Inc., B2

PDR: B2

$900 million sr secured first lien revolver maturing 06/15/2012, B1 --> Ba2, LGD2, 22%

AUD 300 ($225) million sr secured first lien term loan A due 06/15/2012, B1 --> Ba2, LGD2, 22%

$200 million sr secured first lien term loan B due 06/14/2013, B1 --> Ba2, LGD2, 22%

CAD 138 ($125) million sr secured first lien term loan C due 06/15/2012, B1 --> Ba2, LGD2, 22%

€200 ($254.4) million term loan D due 6/14/2013, B1 --> Ba2, LGD2, 22%

$850 million 8.875% sr secured first lien notes due 02/15/2009, B1 --> Ba2, LGD2, 22%

$450 million 7.750% sr secured notes due 05/15/2011, B1 --> Ba2, LGD2, 22%

$625 million 8.750% sr secured notes due 11/15/2012, B1 --> Ba2, LGD2, 22%

$450 million 8.250% sr unsecured notes due 05/15/2013, B2 --> B3, LGD4, 67%

€225 million 6.750% sr unsecured notes due 12/01/2014, B2 --> B3, LGD4, 67%

$400 million 6.750% sr unsecured notes due 12/01/2014, B2 --> B3, LGD4, 67%

$250 million 7.800% sr unsecured notes due 05/15/2018, B3 --> Caa1, LGD5, 89%

$300 million 8.100% sr unsecured notes due 05/15/2007, B3 --> Caa1, LGD5, 89%

$242 million 7.350% sr unsecured notes due 05/15/2008, B3 --> Caa1, LGD5, 89%

$238 million 7.500% sr unsecured debentures due 05/15/2010, B3 --> Caa1, LGD5, 89%

Plastipak Holdings, Inc., B2

PDR: B2

$250 million 8.50% senior notes due 2015, B2 --> B3, LGD5, 77%

Portola Packaging, Inc., Caa1

PDR: Caa1

$50 million senior revolving credit facility maturing 2009, B3 --> B1, LGD1, 9%

$180 million 8.25% senior notes due 2012, Caa1 --> Caa2, LGD4, 64%

Pregis Corporation, B2

PDR: B2

$50 million senior secured first lien revolver due 2011, B1 --> Ba2, LGD2, 16%

$87 million senior secured first lien term loan B-1 due 2012, B1 --> Ba2, LGD2, 16%

€68 million senior secured first lien term loan B-2 due 2012, B1 --> Ba2, LGD2, 16%

€100 million senior secured second lien notes due 2013, B3 --> B2, LGD4, 51%

$150 million senior subordinated notes due 2013, Caa1 --> Caa1, LGD5, 83%

Silgan Holdings Inc., Ba2

PDR: Ba2

$450 million senior secured first lien revolver due 2011, Ba2 --> Ba2, LGD3, 41%

$375 million senior secured first lien term loan A due 2011, Ba2 --> Ba2, LGD3, 41%

$84 million senior secured first lien term loan B due 2012, Ba2 --> Ba2, LGD3, 41%

CAD 45 million Canadian term loan due 2012, Ba2 --> Ba2, LGD3, 41%

€200 million senior secured first lien term loan, Ba2 --> Ba2, LGD3, 41%

$200 million 6.75% senior subordinated notes due 2013, B1 --> B1, LGD6, 93%

Solo Cup Company, B3

PDR: B3

$150 million sr secured first lien revolver maturing 27 Feb 2010, B2 --> B2, LGD3, 34%

$637 million sr secured first lien term loan B due 27 Feb 2011, B2 --> B2, LGD3, 34%

$80 million second lien term loan due 27 Feb 2012, Caa1 --> Caa1, LGD5, 70%

$325 million 8.5% senior sub notes due 15 Feb 2014, Caa2 --> Caa2, LGD5, 87%

Tekni-Plex, Inc., Caa1

PDR: Caa1

$150 million 10.87% sr secured notes due 2012, B3 --> B1, LGD2, 15%

$275 million 8-3/4% sr secured notes due 2013, Caa2 --> Caa1, LGD3, 45%

$275 million 12-3/4% sr subordinated notes due 2010, Ca --> Caa3, LGD5, 85%

$40 million 12-3/4% sr subordinated notes due 2010, Ca --> Caa3, LGD5, 85%

Terphane Holding Corporation, B3

PDR: B2

$76.5 million 12.5% fixed rate senior secured notes due 2009, B3 --> B3, LGD5, 74%

$6.5 million floating rate senior secured notes due 2009, B3 --> B3, LGD5, 74%

Viskase Companies, Inc., B2

PDR: B2

$90 million 11.5% senior secured notes due 2011, B2 --> B1, LGD3, 32%

New York
Kendra M. Smith
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Joe Morrison
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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