Ratings on Rayonier Inc. Affirmed, Outlook Revised to Negative Oct 99
- ID: 2083089
- October 1999
- Standard & Poors
NEW YORK (Standard & Poor's CreditWire) Oct. 27, 1999--Standard & Poor's today affirmed its ratings on Rayonier Inc. and wholly owned subsidiary Rayonier Timberlands Operating Co. L.P. (see list below). However, the outlook was revised to negative from stable. The outlook revision follows Rayonier's announcement of a program designed to return funds to shareowners through a significant share repurchase program which the company indicates may keep debt levels higher than had originally been anticipated in the current ratings. Rayonier has indicated its intent to maintain investment-grade status, but any weakness in the cyclical businesses in which it operates could make it difficult to generate credit protection measures consistent with the ratings. Rayonier has an average business position as a timberlands...
Companies mentioned in this report are: Rayonier Inc.,Smurfit-Stone Container Corp.,Rayonier Forest Resources L.P.
Action: Outlook Revised
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Research type: News
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