Moody's drops Recycled Paper

Moody's Investors Service said it downgraded Recycled Paper Greetings, Inc.'s corporate family and probability-of-default rating to Caa2 from Caa1 and the ratings of the company's first-lien senior secured credit facilities to B3 from B2.

The agency said that the rating for Recycled Paper's second-lien senior secured term loan at Caa3 is also placed on review for possible downgrade.

In addition, all of Recycled Paper's ratings were placed under review for possible downgrade given the company's lack of financial flexibility under its existing credit agreement, Moody's noted.

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