S&P lifts Rayonier

S&P said it raised its issue-level rating on Rayonier Advanced Materials Inc.'s 7 5/8% senior secured notes due 2026, issued by Rayonier A.M. Products Inc., to B+ from B and revised the recovery rating to 2 from 3.

The upgrade follows Rayonier’s announcement it will no longer consider opportunistically refinancing its senior unsecured notes due June 2024, which would have added $325 million of senior secured notes to the company's capital structure, S&P said.

The 2 recovery rating indicates substantial (70%-90%; rounded estimate: 70%) recovery in default, the agency noted.

“In conjunction with the company's debt-raise announcement on Jan. 17, 2023, we lowered our issue-level rating on the company's existing 7 5/8% senior secured notes and revised the recovery rating, citing lower recovery prospects given the expected increase in senior secured claims,” S&P said.

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