Moody's raises ACCO Brands

Moody's Investors Service said it upgraded ACCO Brands Corp.'s corporate family rating and probability of default rating to Ba3 from B2 following the closing of its merger with MeadWestvaco.

The agency said it also affirmed the Ba1 rating on the $1.05 billion senior secured credit facility, the B1 rating on the $500 million of senior unsecured notes and the SGL-2 speculative grade liquidity rating.

The agency said these actions conclude a review initiated on Nov. 18, 2011. The outlook is stable.

"The two notch upgrade of the corporate family rating to Ba3 reflects a material improvement in credit metrics pro forma for the transaction, asignificant increase in the scale of the combined company and increased exposure to faster growing emerging markets in Latin America," said Kevin Cassidy, a Moody's senior credit officer, in a news release.

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