Moody's: Merrill probability of default at Caa1/LD

Moody's Investors Service said it revised Merrill Corp.'s probability of default rating to Caa1/LD from Caa1.

This action reflects Moody's view that Merrill is in the midst of a prolonged debt restructuring exercise that has three components:

• Repurchases of $10 million of its senior credit facility term loan for total proceeds of $8.09 million completed in September 2009;

• Debt repurchases completed earlier in the year [$40.0 million repurchased for $28.0 million in January 2009 and $10.0 million repurchased for $7.2 million in February 2009]; and

• Actions that may occur in the future in compliance with the terms of the company's recent bank credit facility amendment.

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