Moody's downgrades Rayonier

Moody's Investors Service said it downgraded Rayonier A.M. Products Inc.'s corporate family rating to B3 from B1, probability of default rating to B3-PD from B1-PD and senior unsecured bond rating to Caa2 from B3. The speculative grade liquidity rating was upgraded to SGL-3 from SGL-4. The outlook remains negative.

"The downgrade reflects weaker than anticipated operating and financial performance and expectations that the company's high leverage (14x in 2019) will improve, but remain elevated (about 8x) over the next 12 to 18 month as commodity markets remain challenged for longer than previously expected," said Ed Sustar, a Moody's senior vice president, in a press release.

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