The ratings on Appleton, Wis.-based Appleton Papers Inc. reflect our assessment that market conditions will improve during 2010 due to a recovery in the U.S. economy, leading to modestly higher demand and sales price increases for Appleton. As a result, we believe that the company's EBITDA will likely increase from our estimated level of slightly under $100 million for the 12 months period ended Dec. 31, 2009, to nearly $110 million for the comparable period in 2010, and the company will use excess cash flow to reduce debt. Under this scenario, we expect total adjusted debt to decline from about $670 million on Dec. 31, 2009, to under $650 million on Dec. 31, 2010, and adjusted debt to EBITDA to
