S&P: International Paper unaffected

Standard & Poor's said the ratings on International Paper Co. (BBB/stable) are unchanged by its plans to acquire Temple-Inland Inc. for $32 per share in cash, plus the assumption of $600 million in Temple-Inland's year-end debt, or a total of about $4.3 billion.

S&P said it expects leverage of about 3 times.

The combined entity's good cash flow generation could result in repayment of acquisition debt and credit measures in line with these levels within the next one to two years, the agency said.

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