Rayonier Inc. Mar 11
Standard & Poors, March 2011
Abstract
Valuable timberlands holdings; Good geographic and product diversity; Large proportion of value-added products; Stable earnings and cash flows; and Tax-efficient corporate structure. Cyclical end markets; Prospects for weak housing markets in the near-term; Competitive commodity product pricing; and High dividend payout ratio relative to cash flows. 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. Rayonier's diverse portfolio of value-added cellulose products, good geographic diversity, valuable timberland holdings, solid free cash flow levels, and management's commitment to maintaining a moderate financial policy support our assessment. The ratings also reflect cyclical end markets, some exposure to volatile commodity prices, and a high dividend payout...
Companies mentioned in this report are: Rayonier Inc.,Rayonier Forest Resources L.P.
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.
Research Type: Full Analysis
Rayonier Inc.,Rayonier Forest Resources L.P.
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