Moody's ups Plum Creek notes

Moody's Investors Service said it raised Plum Creek Timberland LP's senior rating to Baa2 from Baa3 and revised the outlook to stable from positive, reflecting Moody's expectation that Plum Creek will maintain ample balance sheet flexibility and solid credit metrics as the economy strengthens and the housing market recovers.

The renewal and extension of its credit facility, combined with the recent note offering, has meaningfully improved Plum Creek's liquidity and debt maturity profile, Moody's said.

The ratings consider the cyclicality of the primary forward market for its timber, new home construction as well as the lower margins relative to traditional commercial property, the agency said.

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