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S&P downgrades Rayonier
Standard & Poor’s said it lowered the corporate credit rating on Rayonier Inc. to BBB- from BBB.
The outlook is stable.
In conjunction with the lowering of the corporate credit rating, S&P also said it lowered the rating on Rayonier’s senior unsecured debt to BBB- from BBB.
The downgrade follows news that it will reduce timberland harvest volumes and sales of nonstrategic timberlands over the next several years, which will result in lower than previously expected earnings and higher debt leverage, the agency said.
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