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JUN 23, 2014 - TheStreet

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Why Verso Paper (VRS) Stock Is Plunging

NEW YORK (TheStreet) -- Shares of Verso Paper Corp. are plunging, down -8.54% to $1.82, after it had been reported late Friday that the coated paper manufacturer's second-lien debt dropped to the lowest level in six months as Moody's Investors Service cut ratings three grades to reflect "very high credit risk," according to Bloomberg. The $396 million of 8.75% securities due 2019 fell 1.25 cents to 40.5 cents on the dollar to yield 36.2% at 2:17 p.m. in New York, the lowest closing level since December 20, according to Trace, the bond-price reporting system of the Financial Industry ... Read More

Tags: Why Verso Paper (VRS) Stock Is Plunging,  Moody's Latest News