Moody's confirms Rock-Tenn

Moody's Investors Service said it confirmed Rock-Tenn's Ba2 corporate family rating and the Ba3 rating on the company's existing senior notes.

At the same time, Moody's said it assigned a Ba2 rating to Rock-Tenn's new $1 billion senior secured credit facilities and a Ba3 rating to the company's new $400 million senior unsecured notes.

Proceeds from the new debt offerings will be used to fund, in part, the acquisition of Southern Container Corp. and retire the company's existing senior secured credit facilities, the agency said, noting that the ratings reflect the company's low cost vertically integrated asset base and the expectation of strong operating and financial performance after the acquisition of Southern Container.

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