Moody's rates International Paper notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to International Paper Co.'s new senior notes. The outlook is stable.

Proceeds will be used to fund a tender offer for the company's notes due 2018 and 2019.

The agency said International Paper's Baa2 rating reflects the company's scale and leading market share in paper packaging, uncoated freesheet and market pulp, good geographic diversification and low-cost vertically integrated operations with a global supply chain and distribution system.

International Paper's rating is tempered by the secular decline of communication papers in developed markets like the United States and the cyclicality of the market pulp business, Moody's said.

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