Moody's may cut Cadmus, Cenveo

Moody's Investors Service said it placed the B1 corporate family rating of Cenveo Corp. and the Ba3 corporate family rating of Cadmus Communications Corp. on review for downgrade following Cenveo's announced plan to acquire Cadmus. Moody's said it also placed all security ratings of each company on review for downgrade.

The ratings on downgrade review include Cenveo's B1 corporate family rating, Ba3 senior secured bank rating, B2 senior notes rating, B3 senior subordinated notes rating, along with its negative outlook. Cadmus' ratings on downgrade review include its Ba3 corporate family rating, B1 senior subordinated notes rating and stable outlook.

The review will focus on projected timing for the combined entity to generate sustainable positive free cash flow and the plans and capability of Cenveo to sustain Cadmus' core base of scientific, technical and medical customers, the agency said.

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