S&P rates International Paper notes BBB

Standard & Poor's said it assigned a BBB rating to the proposed senior unsecured notes of International Paper Co. (BBB/Watch negative/A-2) to be issued under the company's shelf registration filed on March 7, 2006.

The rating is on CreditWatch with negative implications, where ratings were placed on March 17, pending completion of the company's $6 billion acquisition of the containerboard and packaging businesses of Weyerhaeuser Co. (BBB/negative/A-2).

Proceeds will be used to partially pre-fund the acquisition.

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