Appleton, Wis.-based coated paper manufacturer Appvion Inc.'s ability to service its debt depends on its successful completion of refinancing efforts and its future operating results. Without a successful refinancing, management has determined that there is substantial doubt as to its ability to continue as a going concern. Therefore, we are lowering our corporate credit rating on Appvion Inc. to 'CCC' from 'B-'. In addition, we are lowering our issue-level ratings on Appvion's first-lien term loan to 'B-' from 'B+' and on its second-lien secured notes to 'CC' from 'CCC'. At the same time, we are placing all ratings on CreditWatch with developing implications. We expect to resolve the CreditWatch placement within the next 90 days, once we have more certainty
