E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 12/3/2004 in the Prospect News Bank Loan Daily and Prospect News High Yield Daily.

Moody's ups Smurfit-Stone liquidity

Moody's Investors Service said it upgraded Smurfit-Stone Container Enterprises Inc.'s speculative grade liquidity rating to SGL-2 from SGL-3.

The company's senior implied rating is B1, and the outlook is stable.

Moody's said the upgrade follows the Nov. 1 refinancing of the company's bank facility and the Nov. 23 closing of its new accounts receivable securitization program. The size and features of the new facilities combined with favorable containerboard market conditions resulted in the SGL upgrade.

Smurfit-Stone Container's new $800 million senior secured bank credit facility is committed for a five-year term. At closing, it is estimated there was unused capacity of about $450 million.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.