Appvion Inc. had a weaker-than-anticipated third quarter. We are revising the rating outlook on Appvion to negative from stable and affirming our 'B' corporate credit rating on the company. The negative outlook reflects the potential for performance to fall short of our base case expectations, resulting in increasing cash shortfalls and deteriorating liquidity. On Dec. 2, 2014, Standard&Poor's Ratings Services revised its rating outlook on Appvion Inc. to negative from stable. We also affirmed the 'B' corporate credit rating on the company. The outlook revision to negative from stable reflects weak third quarter 2014 performance relative to our expectations, largely driven by competitive pressures in the thermal paper market. In addition, average pricing on carbonless paper declined from
