S&P: Packaging Corp. unaffected

Standard & Poor's said its ratings and outlook on Packaging Corp. of America (BBB/stable) remain unchanged following the company's announcement that it is increasing its annual common stock dividends to $1.20 per share from $1.00 per share and that its board of directors has authorized it to make $150 million in common stock repurchases over the next 18 months.

The agency said that it expects that these shareholder value initiatives will occur at a measured pace and be financed primarily with free cash flow and existing cash on hand.

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