Home Credit Ratings and Research S&P Global Ratings’ Credit Research Appvion Operations Inc.

Summary: Appvion Inc.

Published Jan 23, 2014

1838 words — Published Jan 23, 2014

Price US$ 225.00 | Buy this Report Now

About This Report

Abstract:

Our 'B' rating on Appvion Inc. is derived from: Our anchor of 'b', based on our "weak" business risk and "highly leveraged" financial risk profile assessments for the company. Modifiers have no impact on the rating outcome. Participation in the mature carbonless paper market that is facing structural declines in demand. Smaller size and limited product diversity relative to larger forest and paper products peers. Forecast leverage above 5x Employee-owned structure constrains financial flexibility and cash flows No near-term debt maturities The stable outlook reflects our view that Appleton, Wis.-based Appvion's leverage will remain above 5x over the next several quarters. Our outlook also reflects our view of the company's adequate liquidity due to there being no meaningful debt maturities

Brief Excerpt:

RESEARCH Summary: Appvion Inc. Publication date: 23-Jan-2014 Primary Credit Analyst: Tobias F Crabtree, CFA, New York (1) 212-438-6503; tobias.crabtree@standardandpoors.com Secondary Contact: Thomas J Nadramia, New York (1) 212-438-3944;...

Report Type:

Summary

Ticker

45226Z

Issuer

Appvion Operations Inc.

GICS

Paper Products (15105020)

Sector

Global Issuers

Country

United States

Region

United States

Format:

HTML

Summary: Appvion Inc. – 2014/08/28 – US$ 225.00

Appvion Inc. Outlook Revised To Negative From Stable; 'B' Corporate Credit Rating Affirmed – 2014/12/02 – US$ 150.00

Research Update: Appvion Inc. Outlook Revised To Negative From Stable; 'B' Corporate Credit Rating Affirmed – 2014/12/02 – US$ 225.00

Appvion 'B' Rating Affirmed On Sale Of Encapsys Business, Outlook Negative – 2015/08/18 – US$ 150.00

Research Update: Appvion 'B' Rating Affirmed On Sale Of Encapsys Business, Outlook Negative – 2015/08/18 – US$ 225.00

Appvion Inc. Outlook Revised To Stable From Positive; 'B' Corporate Credit Rating Affirmed – 2013/11/12 – US$ 150.00

Research Update: Appvion Inc. Outlook Revised To Stable From Positive; 'B' Corporate Credit Rating Affirmed – 2013/11/12 – US$ 225.00

Issue-Level Rating On Appvion Inc.?s Second-Lien Loan Withdrawn – 2013/07/12 – US$ 150.00

Appvion $375 Million First-Lien Loan Rated 'B+'; $200 Million Second-Lien Loan Rated 'CCC+' – 2013/06/11 – US$ 150.00

Research Update: Appvion $375 Million First-Lien Loan Rated 'B+'; $200 Million Second-Lien Loan Rated 'CCC+' – 2013/06/11 – US$ 225.00

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MLA:	S&P Global Ratings’ Credit Research. "Summary: Appvion Inc." Jan 23, 2014. Alacra Store. May 05, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Appvion-Inc-1248169>

APA:	S&P Global Ratings’ Credit Research. (). Summary: Appvion Inc. Jan 23, 2014. New York, NY: Alacra Store. Retrieved May 05, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Appvion-Inc-1248169>

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