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S&P upgrades Merrill, loans
Standard & Poor's said it raised its corporate credit rating Merrill Corp. to B from B-.
The outlook is stable.
At the same time, the agency raised the issue-level rating on the company's $30 million revolving credit facility due 2018 to BB- from B+. The recovery rating on this debt remains unchanged at 1, indicating an expectation for very high (90%-100%) recovery for lenders in the event of a default.
In addition, S&P raised the issue-level rating on the company's $430 million first-lien term loan due 2018 to B+ from B. The recovery rating on this debt remains unchanged at 2, indicating an expectation for substantial (70%-90%) recovery for lenders in the event of a default.
S&P said the upgrade reflects its view that the company's business profile has improved somewhat. The agency now views the business risk profile as "weak" as the company has continued to expand its digital technology solutions offering while also expanding its EBITDA margin.
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