Moody’s drops W/S Packaging, loans

Moody's Investors Service said it downgraded the corporate family rating of W/S Packaging Group, Inc. to B3 from B2 and the probability of default rating to Caa1-PD from B3-PD and revised the outlook to negative.

The agency also downgraded the ratings on the senior secured credit facilities to B2 from B1.

Moody’s said the downgrade reflects flat operating performance, weak credit metrics and limited cushion under the tightening financial covenant that leaves little headroom for negative variance in operating performance.

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