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S&P: Riverside still developing
Standard & Poor's said that its B+ long-term corporate credit and senior unsecured debt ratings on Riverside Forest Products Ltd. would remain on CreditWatch with developing implications.
The CreditWatch is the result of change in the company's ownership status by privately held Tolko Industries Ltd., which purchased Riverside. Tolko has also recently announced a tender offer for all of Riverside's senior notes outstanding due March 1, 2014.
S&P said the ratings on Riverside reflect its narrow product concentration in cyclical wood products, its vulnerability to foreign exchange risk, and commodity prices. Partially offsetting these risks are the company's competitive cost position in the manufacturing of lumber and plywood, and some vertical integration in fiber and energy.
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