Fitch rates Plum Creek Timber bond BBB-

Fitch Ratings said it assigned a BBB- rating to Plum Creek Timber Co.'s 4.7% senior unsecured $575 million bond issue due March 15, 2021.

The issuer default, senior bond and bank revolver and term loan ratings are BBB-.

The outlook remains stable.

Proceeds will be used to repay debt maturing in 2011 and 2012 and borrowings under the company's revolving credit line.

The company's net debt-to-EBITDA and debt-to-EBITDA ratios at the end of September were 5.3x and 6.1x, respectively.

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