EXHIBIT 99.1

Pliant Corporate Credit Rating Lowered To `CC' From `CCC+'; On Watch Negative

  Primary Credit Analyst:



                                               

  Liley Mehta, New York (1) 212-438-1263;         Publication date: 23-Nov-05, 09:05:56 EST
  liley_mehta@standardandpoors.com                             Reprinted from RatingsDirect



NEW YORK (Standard & Poor's) Nov. 23,  2005--Standard  & Poor's Ratings Services
said today that it lowered its  corporate  credit rating on Pliant Corp. to `CC'
from `CCC+' and placed all ratings on CreditWatch with negative implications.

Other  ratings  were also  lowered.  The rating  actions  follow  the  company's
announcement  that it  currently  does  not  expect  to make its  $20.8  million
interest  payment  due  on  Dec.  1,  2005,  on  its  $314  million  13%  senior
subordinated  notes  maturing in 2010.  The company also  indicated  that it has
entered into discussions regarding a possible debt for equity conversion with an
ad hoc committee of the 13% subordinated noteholders.

If Pliant does not make the interest payment by the end of a 30-day grace period
on Dec. 31, 2005, then the company will be in default under the 13% subordinated
notes  indenture,  which would allow the  noteholders to accelerate the maturity
and would  result in an event of default  under the  company's  new $140 million
revolving  credit facility.  Acceleration of the  subordinated  notes would also
result in an event of default under the 11 1/8% senior  secured  discount  notes
due 2009 and the 11 5/8% senior secured  second-lien notes due 2009. Pliant does
not expect the noteholders to accelerate the  subordinated  notes as long as its
discussions are continuing.

The company stated that if it is unable to  successfully  conclude a transaction
with the subordinated  noteholders on a timely basis or does not have sufficient
liquidity to fund ongoing operations,  then it could seek protection afforded by
Chapter  11  of  the  United  States  Bankruptcy  Code  and  pursue  a  plan  of
reorganization.

Standard  &  Poor's  will  monitor  developments  and  resolve  the  CreditWatch
depending on the course of events.

"If the company  successfully  completes a debt for equity exchange with the 13%
subordinated  noteholders,  ratings on the subordinated debt would be lowered to
`D'  and the  corporate  credit  rating  would  be  lowered  to `SD'  (selective
default),"  said Standard & Poor's credit analyst Liley Mehta.  "SD' is assigned
when an issuer can be expected to default  selectively  and will continue to pay
certain issues or classes of obligations  while not paying others.  If Pliant is
not able to reach agreement with the subordinated  noteholders or elects to file
for bankruptcy  protection,  the corporate credit rating and other issue ratings
would be lowered to `D'."




Pliant's weak financial performance has deteriorated further owing to additional
raw-material cost increases following Hurricanes Katrina and Rita.

As a result of its distressed liquidity position and onerous debt burden, Pliant
retained  Jefferies  & Co.  in  September  2005 to  advise  the  company  on its
financial  options and consider a number of restructuring  options.  In November
2005,  the  company  completed  a new $140  million  revolving  credit  facility
maturing in May 2007 and had about $22 million in availability  under the credit
facility as of Nov. 21, 2005.

With annual  revenues of about $1 billion,  Schaumburg,  Ill.-based  Pliant is a
domestic  producer of extruded  film and  flexible-packaging  products for food,
personal care, medical, industrial, and agricultural markets.

Complete  ratings  information  is available to  subscribers  of  RatingsDirect,
Standard & Poor's Web-based credit analysis  system,  at  www.ratingsdirect.com.
All ratings  affected  by this  rating  action can be found on Standard & Poor's
public Web site at  www.standardandpoors.com;  under Credit  Ratings in the left
navigation bar, select Find a Rating, then Credit Ratings Search.