Moody's ups Quebecor to SGL-3

Moody's Investors Service said it changed Quebecor World Inc.'s speculative grade liquidity rating to SGL-3 from SGL-4 largely to reflect the company's extension of the maturity of its U.S. securitization program by a year.

The company's Ba2 corporate family rating and other long-term ratings remain unchanged.

The SGL-3 rating reflects Moody's view that Quebecor will have adequate liquidity, with about $740 million of liquid resources available to fund approximately $460 million of committed cash uses over the next four quarters ending Sept. 30, 2006.

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