Moody's drops Mercer

Moody's Investors Service said it downgraded the credit ratings of the Restricted Group of Mercer International Inc., while concurrently placing the ratings on review for possible further downgrade.

The corporate family rating and probability of default rating were lowered to Caa1 from B2, the rating on the senior unsecured notes was lowered to Caa2 from B2 and the speculative-grade liquidity rating was lowered to SGL-4 from SGL-3, the agency noted.

These rating actions incorporate the refinancing risk associated with upcoming debt maturities and the considerable deterioration in Mercer's revenue, margins and liquidity profile, Moody's said.

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