Fitch: ACCO debt BB+, BB-

Fitch Ratings said it assigned a BB long-term issuer default rating to ACCO Brands Corp., BB+ ratings to its $420 million 10 5/8% senior secured notes due 2015 and $175 million senior secured ABL facility due 2013 and a BB- rating to its $246 million 7 5/8% senior subordinated notes due 2015. The outlook is stable.

The agency expects to rate the company's proposed senior secured credit facilities BB+.

The ratings and outlook reflect Fitch's expectation that ACCO will successfully complete its merger with MeadWestvaco Corp.'s consumer and office products business. The agency said the combined entity will benefit from greater scale, a stronger business profile, increased profitability and greater cash flow.

Fitch expects credit protection measures to improve following the merger. The strong profitability of the business to be acquired, the equity component of the purchase price and the refinancing of ACCO's high-coupon senior secured notes will enhance the combined company credit profile, the agency said.

The total debt-to-operating EBITDA ratio is estimated to be 3.5 times.

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