Moody's ups Abitibi-Consolidated to SGL-3

Moody's Investors Service said it upgraded Abitibi-Consolidated Inc.'s speculative-grade liquidity rating to SGL-3, indicating adequate liquidity, from SGL-4, indicating weak liquidity.

Abitibi's debt is rated Ba3 and the outlook is negative.

Moody's said the SGL-3 rating is supported by the company's availability under its revolving credit facility and expectations of improving cash flow as the commodity price cycle recovers from a prolonged trough.

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