TEXT-S&P rates Packaging Corp. of America notes

June 21 - Standard & Poor's Ratings Services said today it assigned its
'BBB' issue-level rating to U.S.-based Packaging Corp. of America's
proposed $400 million senior unsecured notes due 2022. We expect the
company to use proceeds to repay its $400 million 5.75% senior unsecured notes
due 2013.

Our 'BBB' corporate credit rating reflects our view of the company's
"satisfactory" business risk and "intermediate" financial risk. Our business
risk assessment reflects the company's competitive cost position, good
customer diversity, and above-average profitability. These are somewhat offset
by the cyclical and competitive nature of the packaging industry and limited
product diversity. Our financial risk assessment assumes modest volume growth
in a slowly recovering economy, steady pricing, and less input cost pressure
in 2012 relative to 2011. Under this scenario we expect leverage to
approximate 2x EBITDA.

Packaging Corp. is a large producer of containerboard and corrugated products
that generated $2.7 billion of revenues in the 12 months ended March 31, 2012.

RELATED RESEARCH AND CRITERIA
-- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011
-- Criteria Methodology: Business Risk/Financial Risk Matrix Expanded,
May 27, 2009
-- Corporate Ratings Criteria 2008, published April 15, 2008.

RATINGS LIST
Packaging Corp. of America
Corporate credit rating BBB/Stable/--

New rating
Proposed $400 mil sr unsecd nts due 2022 BBB

Complete ratings information is available to subscribers of RatingsDirect on
the Global Credit Portal at www.globalcreditportal.com. All ratings affected
by this rating action can be found on Standard & Poor's public Web site at
www.standardandpoors.com. Use the Ratings search box located in the left
column.

Primary Credit Analyst: Tobias Crabtree, CFA, New York (1) 212-438-6503;
tobias_crabtree@standardandpoors.com
Secondary Contact: James Fielding, New York (1) 212-438-2452;
james_fielding@standardandpoors.com