Moody's: Merrill negative

Moody's Investors Service said it revised its outlook on Merrill Corp.'s to negative from rating under review for upgrade.

Concurrently, Moody's said it affirmed Merrill's Caa3 corporate family rating and Ca/LD probability of default rating.

The agency noted that the revised outlook reflects Merrill's failure to repay its first-lien debt and refinance its capital structure prior to the Dec. 22, 2012 first-lien debt maturity.

The Caa3 corporate family rating and Ca/LD probability of default rating reflect Moody's expectation that Merrill will restructure its debt, which will be viewed as a default.

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