Fitch affirms International Paper

Fitch Ratings said it affirmed the long- and short-term issuer default ratings and outstanding debt ratings for International Paper Co. as follows: long-term issuer default rating at BBB-, bank revolver BBB-, senior unsecured debt BBB-, short-term issuer default rating F3 and commercial paper F3.

Fitch said it has also revised International Paper's outlook to negative from stable following its announcement that it is purchasing Weyerhaeuser's containerboard, packaging and recycling business for $6 billion in an all debt financed transaction.

The ratings are based on International Paper's size, relatively levered balance sheet and the company's market position in a mature and competitive commodity market for paper and paper based containers, the agency noted.

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