S&P lowers International Paper

Standard & Poor's said it lowered its short-term rating on International Paper Co. to A-3 from A-2.

At the same time, the agency said it affirmed its BBB long-term corporate credit and senior unsecured debt ratings on International Paper.

The outlook is negative.

According to the agency, all ratings were removed from CreditWatch with negative implications where they were placed on March 17 in connection with the company's plan to acquire the containerboard, packaging and recycling businesses of Weyerhaeuser Co. in an all-cash transaction valued at $6 billion.

S&P noted that the rating actions follow International Paper's announcement that it has completed the transaction in the expected manner.

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