Moody's rates Relizon facilities B1

Moody's Investors Service said it has assigned a B1 rating to The Relizon Co.'s proposed $294 million senior secured bank credit facilities, including its proposed $14 million senior secured tranche A term loan facility due 2009, $240 million senior secured tranche B term loan facility due 2011, and $40 million senior secured revolving facility due 2009.

The outlook is stable.

Moody's said the ratings reflect the company's vulnerability to print and direct mail sales, top line erosion, high financial leverage and relatively poor asset protection metrics. However, the ratings are supported by Relizon's specialization within the forms and labels solutions sector, and its success in developing a strong position in the document and billing solutions sector, supplemented by its recently acquired marketing solutions business.

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