Moody's confirms Cygnus Business Media

Moody's Investors Service said it concluded Cygnus Business Media, Inc.'s rating review initiated in January and confirmed the company's B3 corporate family rating and all other debt ratings.

Affected ratings include the company's $30 million first-lien senior secured revolving credit facility due 2008 at B3, $5 million first-lien senior secured delayed draw facility due 2008 at B3, $139 million first-lien senior secured term loan B due 2010 at B3 and $30 million second-lien senior secured facility due 2010 at Caa1.

The outlook is stable.

Moody's said ratings are supported by Cygnus's positive free cash flow, a steady improvement in top line and EBITDA margins through 2005 and a decline in reported debt to EBITDA to 6.6 times at the end of December from 7.0 times in fiscal 2004.

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