Moody's upgrades Resolute Forest

Moody's Investors Service said it upgraded Resolute Forest Products Inc.'s corporate family rating to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD and guaranteed senior unsecured notes rating to B1 from B2. The company's speculative grade liquidity rating remains unchanged at SGL-1.

"The upgrade reflects improvement in Resolute's financial performance and our view that leverage (adjusted debt to EBITDA) will remain around 4x over the next 12 to 18 months," said Aziz Al Sammarai, a Moody's analyst, in a press release.

The outlook is stable.

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