Moody's assigns Louisiana-Pacific notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to Louisiana-Pacific Corp.'s proposed $350 million senior secured notes due 2017 and affirmed the company's Ba3 corporate family rating.

The ratings on the company's existing senior unsecured notes will be lowered to B2 from Ba3, the agency said, noting that Louisiana-Pacific's speculative-grade liquidity rating was affirmed at SGL-3 and the outlook is negative.

The Ba3 rating on the company's proposed senior secured notes is in line with the corporate family rating and reflects the superior position of the proposed notes relative to the existing unsecured notes, which will be downgraded to B2 from Ba3, Moody's said.

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