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. Adequate liquidity, with no near-term debt maturities. The stable outlook reflects Standard&Poor's Ratings Services' view that Appleton, Wis.-based Appvion Inc.'s leverage will remain above near 7x over the next several quarters. Our outlook also reflects our view that the company's liquidity will remain adequate. We would consider a negative rating action on Appvion if liquidity became constrained. This could occur if revenues declined by a few percentage points and operating margins contracted by over 100 basis points from
