Moody’s upgrades Verso Paper

Moody's Investors Service said it upgraded Verso Paper Holding LLC's corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD, senior secured term loan to B2 from B3 and speculative grade liquidity rating to SGL-1 from SGL-3.

The outlook is stable.

"The upgrade reflects improvement in Verso's financial and operational performance and our view that leverage (adjusted Debt to EBITDA) will significantly improve over the next 12 to 18 months, through a combination of stronger earnings fueled by higher coated paper prices and substantial debt repayment,” Ed Sustar, senior vice president with Moody's, said in a news release.

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