Coated paper products and microencapsulation company Appvion Inc. is seeking to raise $250 million of senior secured second-lien notes to refinance existing debt. We are affirming our ratings, including the 'B' corporate credit rating, on Appvion Inc. We are assigning a 'CCC+' issue-level rating and '6' recovery rating to the proposed $250 million second-lien senior secured notes. We are revising the outlook to stable from positive based upon lower EBITDA growth prospects and forecast leverage exceeding 5x EBITDA over the next 12 months. On Nov. 12, 2013, Standard&Poor's Ratings Services affirmed its ratings, including its 'B' corporate credit rating, on Wisconsin-based Appvion Inc. We also revised the outlook to stable from positive. At the same time, we assigned
