S&P: Riverside Forest Products on watch developing

Standard & Poor's said its B+ long-term corporate credit and senior unsecured debt ratings on Riverside Forest Products Ltd. would remain on CreditWatch developing.

S&P said the CreditWatch is the result of change in the company's ownership status by privately held Tolko Industries Ltd. purchase Riverside. Riverside has also recently announced a tender offer for all of its senior notes outstanding due March 1, 2014.

The ratings on Riverside reflect its narrow product concentration in cyclical wood products, its vulnerability to foreign exchange risk and commodity prices, according to S&P.

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