S&P changes Rayonier view to negative

Standard & Poor's said it affirmed its ratings, including its BB+ corporate credit rating, on Rayonier Advanced Materials Inc.

The outlook was revised to negative from stable, reflecting expected lower earnings and higher debt to EBITDA leverage--levels that are weak for the current rating for calendar year 2015.

"Our negative outlook reflects Rayonier's expectations for reduced earnings through the remainder of 2015 due to currently weak pricing and demand for cellulose specialty products, resulting in debt-to-EBITDA leverage of higher than 4x by year end," S&P credit analyst Thomas Nadramia said in a news release.

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