Moody’s: Rayonier preferred issue is positive

Moody's Investors Service said it views Rayonier A.M. Products Inc.’s $125 million mandatory convertible preferred stock issue as a positive credit development.

As Rayonier intends to use the proceeds for general corporate purposes, the transaction will improve the company's liquidity and may contribute to a modest level of improvement in the company's credit metrics, the agency said.

The Ba3 corporate family rating, SGL-1 speculative grade liquidity rating and stable outlook are unchanged.

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