Moody's rates Panolam loans B1, B3

Moody's Investors Service said it assigned a B1 rating to Panolam Industries International Inc.'s proposed $150 million senior secured first-lien credit facility and a B3 to its $75 million second-lien facility. The outlook is stable.

Moody's also affirmed Panolam's senior implied rating at B1.

Moody's said the company's ratings reflect concerns that foreign competition will rise and product substitution from higher end offerings including natural and man-made materials will increase.

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