S&P: Kerr Group cut to negative

Standard & Poor's said it revised its CreditWatch implications on the ratings of Kerr Group Inc. to negative from developing.

The BB- ratings were originally placed on CreditWatch developing on March 30 following senior management's public confirmation of trade press reports that majority owner Fremont Capital Partners was exploring a sale of the company.

At the same time, S&P affirmed its B+ corporate credit rating on Berry Plastics Corp., a 100% owned operating subsidiary of BPC Holding Corp.

S&P said the rating actions follow the announcement by Berry that it has entered into a definitive agreement to acquire Kerr for $445 million, including repayment of existing debt.

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