NEW YORK (Standard&Poor's) July 12, 2013--Standard&Poor's Ratings Services said today that it withdrew its 'CCC+' issue-level rating on Appvion Inc.'s proposed $200 million second-lien term loan. The U.S.-based coated paper products and microencapsulation company did not enter into the proposed second-lien credit agreement. Other ratings, including the 'B' corporate credit rating and the 'B+' issue-level rating on the company's $375 million first-lien term loan, were not affected. For our complete rating rationale, see our research update on Appvion published June 11, 2013, on RatingsDirect. Related Criteria And Research Research Update: Appvion $375 Million First-Lien Loan Rated ?B+?; $200 Million Second-Lien Loan Rated ?CCC+?, June 11, 2013 Criteria - Corporates - Industrials: Key Credit Factors: Criteria For
