Good market positions; and Diverse end markets. Weak demand because of the recessionary environment; Declining carbonless paper volumes; and High debt leverage. The ratings on Appleton, Wis.-based Appleton Papers Inc. reflect our assessment that market conditions will improve during 2010 due to a recovery in the U.S. economy, leading to modestly higher demand and sales price increases for Appleton. As a result, we believe that the company's EBITDA will likely increase from our estimated level of slightly under $100 million for the 12 months period ended Dec. 31, 2009, to nearly $110 million for the comparable period in 2010, and the company will use excess cash flow to reduce debt. Under this scenario, we expect total adjusted debt to decline
