Moody’s ups Merrill Communications, rates loans B2

Moody's Investors Service said it upgraded Merrill Communications LLC’s corporate family rating to B2 from B3 in recognition of the company's continuing trend of financial improvements that, along with the application of proceeds from its recent divestiture of an underperforming business unit towards debt repayment, has allowed the company to achieve substantial deleveraging.

At the same time, the agency assigned a B2 rating to Merrill's proposed senior secured first-lien credit facilities, comprising a $50 million revolver due 2020 and a $510 million term loan due 2022.

The outlook is stable.

The ratings on the company's existing credit facilities will be withdrawn on close of the proposed transaction.

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