Moody's gives Expera loan Caa1

Moody's Investors Service said it assigned Expera Specialty Solutions a B3 corporate family rating, B3-PD probability of default rating and a Caa1 rating to its $178 million senior secured term loan.

Moody's also assigned speculative grade liquidity rating of SGL-3.

The outlook is positive.

The ratings reflect Expera's relatively small size and scale, concentration in specialty paper products, with geographically concentrated asset base, limited vertical integration and exposure to volatile commodity pricing.

Moody's said that although it believes that the company will have relatively strong leverage and interest coverage metrics if integration is executed successfully, the ratings are constrained by lack of stand-alone operating history of the company in its current configuration.

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