Moody's drops Weyerhaeuser to junk

Moody's Investors Service said it downgraded Weyerhaeuser Co.'s senior unsecured debt ratings to Ba1 from Baa2 and its commercial paper rating to Not Prime from Prime-2, concluding a review that began on Feb. 9.

The agency assigned a Ba1 corporate family rating and an SGL-1 speculative grade liquidity rating.

The outlook is stable.

Moody's said the downgrade reflects the company's weakened financial position and the expectation that the company will continue to face challenging industry conditions over the next 12 to 18 months.

Ratings are supported by the company's position as the second largest private timber holder in North America, its dominant position and scale, and its current liquidity position, the agency said.

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