...+ U.S.-based paper products manufacturer Appvion Inc.'s adjusted leverage has spiked above 13x for the last 12 months ended June 3, 2016. + Therefore, we are lowering our corporate credit rating on Appvion to 'B-' from 'B' to reflect its weaker credit measures. + At the same time, we are lowering our issue-level rating on the company's second-lien notes to '###' from '###+'. + Additionally, we are revising our recovery ratings on the company's first-lien debt to '1' from '2'. + The stable outlook reflect that, although we expect Appvion's operating performance to continue to improve as it has been since the beginning of the year, we don't anticipate that the company will meet our upgrade triggers in the next 12 months. DALLAS (S&P Global Ratings) Aug. 24, 2016--S&P Global Ratings said today that it has lowered its corporate credit rating on Appleton, Wis.-based Appvion Inc. to 'B-' from 'B'. The outlook is stable. At the same time, we lowered our issue-level rating on the company's second-lien...
