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S&P: Rayonier notes BBB+
Standard & Poor's said it assigned a BBB+ rating to Rayonier Inc.'s proposed $300 million senior unsecured notes due 2022.
The company's BBB+ corporate credit rating on the company, as well as the BBB+ rating on $473 million of senior unsecured exchangeable notes issued by Rayonier TRS Holdings Inc. were not affected.
The outlook is stable.
The ratings reflect a view of the company's business risk profile as satisfactory and financial risk profile as intermediate, S&P said.
Strengths include the company's diverse portfolio of value-added cellulose products, good geographic diversity, valuable timberland holdings, solid free cash flow levels and management's commitment to maintaining a moderate financial policy, the agency said.
These are somewhat offset by Rayonier's cyclical end markets, some exposure to volatile commodity prices and a high dividend payout ratio, S&P said.
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