Summary: Rayonier Inc. Aug 10

Standard & Poors, August 2010

Abstract
The ratings on Rayonier Inc. reflect what Standard & Poor's Ratings Services considers to be the company's satisfactory business risk profile and intermediate financial risk profile. Our assessment is supported by Rayonier's diverse portfolio of value-added products, good geographic diversity, valuable timberland holdings, solid free cash flow levels, and management's commitment to maintaining a moderate financial policy. The ratings also reflect cyclical end markets, some exposure to volatile commodity prices, and a high dividend payout ratio. Rayonier manages timberland (the company owns, leases, or manages about 2.5 million acres) as a real estate investment trust (REIT); sells real estate; produces high-value specialty cellulose fibers; and trades logs. We believe the company's earnings and operating cash flow should remain more stable...

Companies mentioned in this report are: Rayonier Inc.
Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Rayonier Inc.

Customers who bought this item also bought

• China Aged Care Service Industry Report, 2011-2012
• China Aged Care Service Industry Report, 2011-2012
• America's Top-Rated Smaller Cities 2012/13 Edition
• CompTIA Network+ Review Guide. Exam: N10-005. 2nd Edition
• Kazakhstan and Central Asia Defence and Security Report Q3 2013
• Venezuela Defence and Security Report 2013
• Ghana Infrastructure Report Q1 2012
• Zimbabwe Infrastructure Report Q2 2012
• Qatar Infrastructure Report Q3 2010
• Council Estate Management (France)