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. On Oct. 1, 2009, Standard&Poor's Ratings Services lowered its corporate credit rating on Appleton, Wisc.-based specialty paper manufacturer Appleton Papers Inc. to 'SD' (selective default) from 'CC'. We lowered our issue-level ratings on Appleton's unsecured notes and subordinated notes
