Greenwich, Conn.-based BD White Birch Investment LLC has improved credit metrics through incremental margin improvement, higher newsprint capacity utilization, and asset sales. We are revising our rating outlook on BD White Birch to positive from stable. We are also affirming our 'B' corporate credit rating on the company. At the same time, we are raising the issue-level rating on the company's first-lien term loan to 'B+' from 'B'. The recovery rating on the loan is '2'. The improved recovery prospects reflect the company's early prepayment of debt on its first-lien term loan. The positive outlook reflects our view on the company's approach to handling the secular decline in demand for paper products as well as prepaying debt. This will enable
