BD White Birch Investment LLC is the third-largest manufacturer of newsprint in North America, a business we view to be in long-term secular decline. Global newsprint prices bottomed out at the end of 2015 and have since recovered to a historically normal level. In conjunction with the increase in prices, the company's operating performance has improved in 2016 and credit measures are currently supportive of the current rating. We are revising the rating outlook on BD White Birch to stable from negative and affirming our 'B' corporate credit rating on the company. We are also affirming our 'B' issue-level rating on the company's senior secured debt. The recovery rating on the debt is '3'. The stable outlook reflects our view
