Moody's affirms Exopack

Moody's Investors Service said it affirmed Exopack Holding Corp.'s B2 corporate family and probability-of-default ratings, the B3 (LGD4, 68%) rating on $220 million senior unsecured notes due 2014 and the SGL-3 speculative grade liquidity rating.

The outlook is stable.

Moody's said it reflects the agency's view that operating results and credit metrics will show moderate improvement over the near term.

The B2 corporate family rating reflects aggressive financial policies, weak cash flow and interest coverage metrics and a modest decline in organic revenue in the 12 months ended Sept. 30, according to the agency.

The rating benefits from projected cost improvement and integration initiatives, long-term relationships with a diversified customer base and the company's ability to pass along raw material cost increases, the agency said.

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