...- Vericast Corp. refinanced its debt structure and pushed out most of its funded debt maturities to 2026 and 2027, alleviating near-term maturity risk. - We removed our issuer credit rating from CreditWatch, where we placed it Aug. 9, 2021, with positive implications, and raised it to '###+'. The outlook is negative. - We removed our issue-level rating on the company's nonextended $54 million first-lien term loan from CreditWatch and raised it to 'B-'. - We assigned our 'B-' issue-level rating to the company's extended $1.1 billion first-lien term loan. - We affirmed our 'B-' issue-level rating on the company's $1.2 billion first-lien notes and our '###-' issue-level rating on its $439 million second-lien notes. - The negative outlook reflects the secular decline and ongoing operating challenges for print-based products and Vericast's substantial debt fixed charges after its refinancing. While the refinancing alleviated near-term maturity risk, we view the capital structure as unsustainable...
