Moody's Ups Bowne Outlook To 'stable' On Repayment

NEW YORK (AP) — Bowne & Co. Inc., which helps companies make and distribute documents for shareholders and investors, said Tuesday that Moody's Investors Service changed its outlook on the company to "stable" from "negative" after it paid down about $60 million in debt.

Bowne used equity proceeds for the debt repayment.

Moody's also affirmed Bowne's corporate family rating and probability of default ratings of B1, and its subordinate convertible bonds rating of B3.

Last week, Standard & Poor's affirmed Bowne's B corporate credit rating and revised its outlook to "positive" after Bowne announced pricing on a stock offering of 10.5 million shares. Bowne said it planned to use the proceeds of the stock sale to pay off term loans and apply the balance to repay obligations on a revolving credit facility.

Shares of New York-based Bowne rose 6 cents to $6.04 on Tuesday.