Moody's rates Mercer notes B3

Moody's Investors Service said it assigned a B3 rating to Mercer International, Inc.'s proposed $50 million add-on senior unsecured note offering maturing 2017.

The company's B2 corporate family rating, B2-PD probability of default rating and SGL-2 speculative-grade liquidity rating are affirmed.

The outlook remains stable.

Moody's said the B3 rating on the senior unsecured notes reflects structural subordination to the unrated secured working capital facilities and all debt and liabilities of the operating subsidiaries. The notes do not possess operating subsidiary guarantees.

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