Fitch Withdraws Ratings on International Paper

Business Wire,  June 17, 2008  

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NEW YORK -- Fitch Ratings has affirmed and simultaneously withdrawn the ratings on International Paper Company (IP). Fitch will no longer provide analytical coverage on IP. The Rating Outlook on all ratings is Negative.

Ratings affirmed and withdrawn:

--Long-term Issuer Default Rating (IDR) 'BBB-';

--Bank revolver 'BBB-';

--Senior unsecured debt 'BBB-';

--Short-term IDR 'F3';

--Commercial paper 'F3'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site. The ratings above had been initiated by Fitch as a service to investors. The issuer did not participate in the rating process other than through the medium of its public disclosure.

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