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Moody's: Rock-Tenn notes Ba1
Moody's Investors Service said it assigned a Ba1 rating to Rock-Tenn Co.'s proposed senior unsecured notes due 2019 and 2022.
In addition, the ratings on the company's 2013 senior notes were raised to Ba1 from Ba2 and the company's Ba1 corporate family rating and the Ba2 2016 senior notes rating were affirmed.
The company's SGL-2 liquidity rating remains unchanged and the outlook is stable.
Moody's said the proposed refinancing is essentially leverage neutral, however, it will increase Rock-Tenn's financial flexibility as proceeds will be used to eliminate a significant portion of the company's secured debt and provide a slight improvement in the company's debt maturity profile.
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