International Paper Co.'s Proposed Unsecured Notes Rated 'BBB'

NEW YORK (S&P Global Ratings) July 31, 2017--S&P Global Ratings today assigned its 'BBB' issue-level rating to International Paper Co.'s proposed floating rate notes due 2020 and fixed rate notes due 2048. We expect the proceeds from the notes to be used towards a $1.25 billion contribution to the company's pension plan. Because our calculation of adjusted debt includes underfunded pension obligations, we do not expect this transaction to materially change our credit measures for International Paper. Our 'BBB' corporate credit rating on International Paper reflects the company's position as the largest containerboard and corrugated products manufacturer in North America, its good geographic and operating diversity, and its growing presence in the industrial and consumer packaging markets. RELATED CRITERIA General

...NEW YORK (S&P Global Ratings) July 31, 2017--S&P Global Ratings today assigned its '###' issue-level rating to International Paper Co.'s proposed floating rate notes due 2020 and fixed rate notes due 2048. We expect the proceeds from the notes to be used towards a $1.25 billion contribution to the company's pension plan. Because our calculation of adjusted debt includes underfunded pension obligations, we do not expect this transaction to materially change our credit measures for International Paper. Our '###' corporate credit rating on International Paper reflects the company's position as the largest containerboard and corrugated products manufacturer in North America, its good geographic and operating diversity, and its growing presence in the industrial and consumer packaging markets. RELATED CRITERIA + General Criteria: Methodology For Linking Long-Term And Short-Term Ratings , April 7, 2017 + Criteria - Corporates - General: Methodology And Assumptions: Liquidity Descriptors For Global...

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