Moody's gives Merrill loan B1

Moody's Investors Service said it assigned a B1 rating to Merrill Corp.'s proposed $535 million senior secured credit facilities.

Assigned B1 ratings include the company's proposed $60 million senior secured revolving credit facility due 2010 and proposed $475 million senior secured term loan due 2012.

The agency also said it affirmed Merrill's B1 corporate family rating.

Moody's said the rating reflects the pressure that an additional $162 million in net debt places on Merrill's financial profile, the pace of the company's recent acquisitions, the formidable competition which the company faces in most of its product lines and the dependence of its transactional financial print business upon the public equity and debt markets.

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