S&P affirms Appleton Papers

Standard & Poor's said it affirmed its ratings on Appleton Papers, including the B corporate credit rating.

The agency said all ratings were removed from CreditWatch where they were placed with positive implications on May 18. The outlook is stable.

"We removed our ratings on Appleton from CreditWatch positive after the company announced that its proposed merger with unrated Hicks Acquisition Co. II Inc. has been terminated due to unfavorable market conditions," said S&P credit analyst James Fielding in a news release.

"It is now less likely that Appleton will quickly reduce leverage without the equity infusion that would have accompanied the previously proposed merger."

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