Moody's assigns Packaging Corp. notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Packaging Corp. of America's new $400 million senior notes due 2022 and affirmed the company's senior unsecured ratings.

The transaction is expected to be leverage neutral with the proceeds from the proposed debt offering being used to refinance the company's $400 million 5¾% senior notes due 2013. The outlook remains stable.

The agency said the Baa3 rating reflects the company's strong track record of profitability, solid credit metrics and good committed liquidity arrangements.

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