Moody's: Cenveo notes Caa2

Moody's Investors Service said it rated Cenveo Corp.'s new senior unsecured notes issue Caa2 and affirmed the company's B3 corporate family rating and B3 probability of default rating.

As part of the same action, Cenveo's senior secured back credit facility rating was affirmed at Ba3, the rating for its second-lien notes issue was affirmed at B3 and its speculative grade liquidity rating was affirmed at SGL-3.

The outlook remains negative.

Moody's said it expects that upon the notes issue proceeds being applied toward outstanding tender offers for near-term debt maturities, the outlook will be stabilized.

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