Leading market position in North America's uncoated freesheet (UFS) market Declining demand in North America for printing and writing papers due to electronic substitution Low cost profile from vertical integration Low leverage, with expectation that leverage will remain under 2x Elevated capex this year, with investments in the personal care segment Financial policy favors return of capital earned to shareholders Our assessment of a "satisfactory" business risk profile and "intermediate" financial risk profile results in an initial analytical outcome (the "anchor") of 'bbb/bbb-'. We assess the anchor as 'bbb-' instead of 'bbb' based on the relative strength of the business risk profile being on the lower end of the range for what we consider "satisfactory." Our assessment takes into consideration
