Summary: International Paper Co.

Largest containerboard and corrugated products manufacturer in North America Good geographic and operating diversity Low-cost mills Exposed to declining demand for printing and writing paper in mature markets Forecast adjusted debt-to-EBITDA of about 3x as of year-end 2017 Strong annual free cash flow generation Stable dividend policy Potential for share repurchases in the absence of accretive acquisition opportunities S&P Global Ratings' stable outlook on International Paper Co. (IP) reflects the company's consistent operating results and our expectation that it will generate annual free operating cash flow of about $1.5 billion-$2.0 billion over the next two years, supported by increased prices for its containerboard and boxes. We expect the company to maintain adjusted debt-to-EBITDA of close to 3x by the end

...Outlook: Stable S&P Global Ratings' stable outlook on International Paper Co. (IP) reflects the company's consistent operating results and our expectation that it will generate annual free operating cash flow of about $1.5 billion-$2.0 billion over the next two years, supported by increased prices for its containerboard and boxes. We expect the company to maintain adjusted debt-to-EBITDA of close to 3x by the end of this year. The company's commitment and adherence to financial policies that allow it to maintain appropriate credit measures for the current rating is also a key consideration for our stable outlook....

Summary