S&P assigns Cenveo notes BB-

Standard & Poor's said it assigned its issue-level and recovery ratings to Cenveo Corp.'s proposed $175 million senior notes due 2016, adding that the notes were rated BB-, at the same level as the BB- corporate credit rating on parent company Cenveo Inc., with a recovery rating of 4.

Proceeds will be used to remarket the company's existing $175 million senior unsecured loan that was issued for the purpose of financing the acquisition of Commercial Envelope on Aug. 30, 2007, the agency noted, adding that Cenveo will not receive any of the proceeds from the sale of the notes.

All other ratings on the company, including the BB- corporate credit rating, were affirmed, S&P said.

The outlook is stable.

According to the agency, the BB- corporate credit rating reflects Cenveo's high leverage and participation in highly competitive and fragmented markets.

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