-- Specialty paper manufacturer Appleton completed its tender offer for a substantial portion of its senior unsecured notes due 2011 and subordinated notes due 2014. -- We are lowering our corporate credit rating on the company to 'SD' from 'CC' and lowering our issue-level ratings on the unsecured notes and subordinated notes to 'D' from 'C'. -- We expect to raise the corporate credit rating to 'B' in the near future, based on the company's new capital structure and improved financial flexibility. NEW YORK (Standard&Poor's) Oct. 1, 2009--Standard&Poor's Ratings Services said today that it lowered its corporate credit rating on Appleton, Wisc.-based specialty paper manufacturer Appleton Papers Inc. to 'SD' (selective default) from 'CC'. We lowered
