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Moody's gives International Paper notes Baa3
Moody's Investors Service said it assigned a Baa3 rating to International Paper Co.'s proposed new senior notes offering.
The outlook is negative.
The net proceeds from International Paper's notes offering will be used to fund the recently announced cash tender offer for the company's 7.40% notes due 2014, 7.20% debentures due 2026 and 5.30% debentures due 2014, the agency said.
The new notes will be unsecured and will rank equally in right of payment with all of the company's existing and future senior unsecured indebtedness, Moody's added.
According to the agency, International Paper's Baa3 ratings reflect the company's significant scale and leading supplier positions with growing geographic diversification, stable profit margins, vertically integrated relatively low cost asset base, and good liquidity profile deriving from substantial free cash flow and committed liquidity facilities.
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