Moody’s downgrades Dunn Paper

Moody’s Investors Service said it downgraded the corporate family rating of Dunn Paper Holdings, Inc. to B3 from B2 and the probability of default rating to B3-PD from B2-PD. Moody’s also downgraded the senior secured first-lien credit facility to B3 from B2 and the senior secured second-lien facility to Caa2 from Caa1.

“The downgrade reflects earnings volatility, which constrains liquidity and increasing refinancing risk with the current revolver expiring in 2021 and the term loan maturing in 2022,” Moody’s said in a press release.

The outlook is stable.

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