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"If that's not going to happen theirnext best hope is to roll over a portion of it and pay aportion of it off." Rating agencies view the company as being a high risk tocreditors, with Moody's rating AbitibiBowater's subsidiariesAbitibi-Consolidated and Bowater Inc "Caa1," seven levels belowinvestment grade. Standard & Poor's also last month cut AbitibiBowater andits subsidiaries to "CCC," eight levels below investment grade,citing concerns over looming debt maturities at both entities. "Neither company has sufficient liquidity or free cashgeneration to pay down these maturities," the rating agencysaid. Abitibi-Consolidated Inc has only $206 million in liquidityto pay off the $347 million loan due in March, S&P said.Bowater has a $133 million revolver and $248 million of bondsdue in summer 2009, and only $176 million in liquidity, thecredit ratings agency added. Credit markets are also pricing in a high degree of risk atboth companies, with credit default swaps onAbitibi-Consolidated and Bowater trading at deeply distressedlevels. AbitibiBowater said in December that it has reached apreliminary deal to sell its 75 percent stake in Ontariohydro-electric asset owner ACH Limited Partnership, which ifcompleted would generate gross proceeds of C$197.5 million.

Fordetails, see ID:nN22500750 However, "even if that does go through it still won't benearly enough to meet that term loan maturity on March 31,"said Rahul Gandhi, analyst at independent research firmCreditSights. "Considering the market for 'CCC' names right now, which ispractically non existent, the prospects of refinancing seempretty low so they're probably going to have to resort to assetsales to be able to meet that," he added. "They do have enoughassets, its just that the timing's pretty short." AbitibiBowater spokesman Seth Kursman said the company istaking aggressive steps including assets sales to addressupcoming debt maturities. AFTER MARCH If the company succeeds in moving past the March maturity,it may still need to initiate a new debt restructuring to pushback bond maturities, said CreditSights' Gandhi. "Abitibi and Bowater have bonds due in August of this yearand they have a whole set of even larger maturities due in 2010and it doesn't look like this company is in fair shape tosurvive all these," he said.

AbitibiBowater has benefited from higher prices fornewsprint, printing papers, containerboard and other productsin 2008, which improved its third quarter earnings and isexpected also to give a boost to its fourth quarter results,analysts said. The company is also benefiting from lower energyand fiber costs along with the weaker Canadian dollar. "Their cash flows have certainly improved on a sequentialbasis and they will continue to improve at least for the fourthquarter, but newsprint, like most other paper products, islooking pretty weak going into 2009," said Gandhi. (Editing by Gary Crosse) Stocks Bonds Stocks Bonds. Continuing with position breakdowns, today Ill go over the running backs. If you missed yesterday's, you can read about the quarterbacks here .After losing first round pick Beanie Wells last season, there were questions about how effectively the Buckeyes would be able to run the ball.