Moody's affirms Workflow

Moody's Investors Service said it has affirmed Workflow Management, Inc.'s Caa3 corporate family rating and changed the outlook to negative from developing.

Affirmed ratings include the company's corporate family rating at Caa3, probability of default rating at Caa3, senior secured first-lien revolving credit facility due 2010 at Caa1, LGD2, 28%, senior secured first-lien term loan facility due 2011 at Caa1, LGD2, 28%, and senior secured second-lien term loan facility due 2011 at Ca, LGD5, 74%.

The outlook has been revised to negative from developing.

The change in outlook to negative from developing follows the Feb. 28 expiration date of a planned merger agreement executed in 2008 between Workflow and Enterprise Acquisition Corp. and management's disclosure that it is no longer actively pursuing merger talks with Enterprise, the agency said.

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