Research Update: Potlatch Corp. 'BB' Rating Affirmed; Ratings Off Watch Negative; Outlook Negative Jan 12

Standard & Poors, January 2012

Abstract
U.S.-based forest products company Potlatch Corp. recently reduced its near-term planned harvest levels, lowered its dividend, and amended its credit agreement to change its financial maintenance covenants. We are affirming our ratings on Potlatch, including the 'BB' corporate credit rating. At the same time, all ratings are removed from CreditWatch, where they were placed with negative implications on Dec. 5, 2011. The negative rating outlook reflects the potential for weaker-than-expected cash flow generation and credit measures in 2012 following the company's planned reduction in harvest levels. On Jan. 4, 2012, Standard & Poor's Ratings Services affirmed its ratings, including the 'BB' corporate credit rating, on Spokane, Wa.-based Potlatch Corp. The rating outlook is negative. We removed all ratings from CreditWatch,...

Companies mentioned in this report are: Potlatch Corp.
Action: Affirmed
Action: CreditWatch Update
Action: Outlook: Negative
Action: Removed From CreditWatch

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Potlatch Corp.

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