S&P raises Merrill Corp.

Standard & Poor's said it raised its ratings on Merrill Corp., including its corporate credit rating to B+ from B and its subordinated debt rating to B- from CCC+. S&P also raised Merrill Communications LLC's senior secured rating to B+ from B.

The outlook is stable.

S&P said the upgrade reflects Merrill's continued good operating performance and improving credit measures, despite volatility inherent in the financial print business. Merrill has built sufficient debt capacity to absorb periodic variability within this segment at the new ratings level.

Ratings on Merrill reflect the company's high debt levels, moderate-size cash flow base, and the participation in the competitive transaction-based financial printing business, which is subject to the volatility of the capital markets, the agency said.

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