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Moody's ups Rock Tenn loans to Ba1
Moody's Investors Service said it revised Rock-Tenn Co.'s outlook to stable from negative and upgraded the company's senior secured credit facilities rating to Ba1 (LGD3, 38%) from Ba2 (LGD3, 45%).
The agency affirmed Rock Tenn's Ba2 corporate family rating, the Ba3 rating on the 2011 and 2013 senior notes, the Ba3 senior unsecured note rating and assigned an SGL-2 speculative grade liquidity rating.
Rock Tenn's revised outlook was prompted by the progress Rock Tenn has made in the integration of the March 2008 Southern Container acquisition, management's commitment to debt reduction, the company's improved credit protection metrics and the expectation of continued strong financial performance, according to the agency.
The upgrade on Rock Tenn's senior secured credit facilities one notch to Ba1 reflects enhanced guarantee and security arrangements, Moody's said.
Rock Tenn's Ba2 corporate family rating reflects the company's low cost vertically integrated asset base, its position as one of the largest producers of folding cartons and promotional point-of-purchase displays in North America, the company's strong financial performance and its good committed liquidity arrangements, the agency said.
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