Moody's lowers Smurfit-Stone

Moody's Investors Service said it downgraded Smurfit-Stone Container Enterprises, Inc.'s speculative-grade liquidity rating to SGL-3 from SGL-2.

All other ratings were affirmed, the agency noted, adding that Smurfit-Stone Container is the main operating subsidiary of Smurfit-Stone Container Corp.

The SGL-3 rating indicates adequate liquidity, Moody's said, noting that it expects the company to rely on external sources of committed financing as free cash flow will likely be negative over the next four quarters.

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