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Moody's cuts Millar Western view to stable
Moody's Investors Service said it changed Millar Western Forest Product's outlook to stable from positive while affirming the company's B2 corporate family and $190 million senior unsecured notes due Nov. 15, 2013 ratings.
The change in outlook reflects Moody's view that near term results will, on balance, be consistent with the existing rating and therefore, a stable outlook is warranted, the agency said.
Moody's added a combination of small size, limited product diversity and geographic concentration, suggests a profile consistent with a B rating.
Other important rating influences include the fact that Millar Western is a private company and it does not have access to the equity markets and may exhibit behavior more focused on shareholder returns than would otherwise be the case, the agency noted.
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