Moody's rates Mail-Well loan Ba3

Moody's Investors Service said it has assigned a Ba3 rating to Mail-Well I Corp. Inc.'s restated and amended $300 million senior secured revolving credit facility due 2008.

In addition, Moody's has confirmed all existing ratings, including the $350 million 9 5/8% senior unsecured notes due 2012 at B1, $320 million 7 7/8% senior subordinated notes due 2008 at B3, senior implied rating at B1, and issuer rating at B1.

The outlook is stable.

Moody's said the ratings reflect Mail-Well's significant leverage and its vulnerability to continuing softness in customer spending on print advertising and direct mailing.

The ratings are supported by Mail-Well's adequate liquidity and by its improvement in margins and growth in cash flow, largely resulting from restructuring initiatives.

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