 Moodys Investors Service Moodys assigned a Ba3 rating to Clearwater Paper Corporations Clearwater proposed 275 million senior unsecured notes due 2028. Clearwater intends to use the net proceeds of this offering to refinance the 4.5 275 million senior unsecured notes due 2023. The companys Ba2 corporate family rating CFR, Ba2-PD probability of default rating PDR, Ba1 senior secured bank credit facility rating, Ba3 senior unsecured debt rating, and the SGL-2 speculative grade liquidity rating remain unchanged. 