S&P: Merrill watch developing

Standard & Poor's said it revised the CreditWatch implications on its CCC- corporate credit rating on Merrill Corp. to developing from positive.

"The CreditWatch revision is based on the risks surrounding the imminent Dec. 22, 2012, maturity date of the existing first-lien term loan and revolving credit facility," said S&P credit analyst Chris Valentine.

At this time, the company has not closed on the refinancing of its loans and the risks that a transaction will not be completed prior to maturity have increased, S&P said.

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