International Paper December 6

International Paper: Moody's Downgrades to Baa3

The following is a summary of a UBS full-length report on this topic, dated
December 6, 2005.

* Moody's downgrades IP to Baa3:
Moody's downgraded IP's credit rating to Baa3 from Baa2 and revised the
outlook to Stable from
Under Review for Downgrade. The changes reflect Moody's view that IP's
credit metrics will continue
to lag those appropriate for a Baa2 rating until the benefits of its
restructuring plan are realized.

* Maintain Market Perform recommendation:
Moody's considers further rating moves unlikely until IP's business
model stabilizes. We maintain our
Market Perform Investment Opinion, BBB Credit Rating, and Deteriorating
Credit Trend.