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Issuer Ranking: U.S. Forest Products, Strongest To Weakest Apr 09 Product Image

Issuer Ranking: U.S. Forest Products, Strongest To Weakest Apr 09

  • ID: 2083114
  • April 2009
  • Region: United States
  • Standard & Poors

FEATURED COMPANIES

  • Appvion Inc.
  • Caraustar Industries Inc.
  • International Paper Co.
  • Neenah Paper Inc.
  • Potlatch Corp.
  • Temple-Inland Inc.
  • MORE

Abstract
As the second quarter of 2009 begins, credit quality in the U.S. forest products sector continues to weaken because of the U.S. recession, weak export demand, the extended housing downturn, and tight credit markets. In line with Standard & Poor's Ratings Services expectations at the end of 2008, the rating actions we have taken in the first quarter of 2009 were overwhelmingly negative. We lowered 10 ratings, revised two outlooks to negative, and placed the ratings on two companies on CreditWatch with negative implications. More than half of the 30 companies we rate currently have negative outlooks or are on CreditWatch with negative implications. With the preponderance of negative industry trends, the financial profiles of U.S. forest products companies might...

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Georgia-Pacific LLC
- Rayonier Inc.
- International Paper Co.
- Louisiana-Pacific Corp.
- Packaging Corp. of America
- Potlatch Corp.
- Weyerhaeuser Co.
- Temple-Inland Inc.
- Glatfelter (P.H.) Co.
- Buckeye Technologies Inc.
- Rock-Tenn Co.
- Caraustar Industries Inc.
- Smurfit-Stone Container Corp.
- Plum Creek Timber Co. Inc.
- Appvion Inc.
- MeadWestvaco Corp.
- Graphic Packaging International Inc.
- RLC Industries Co.
- Newark Group Inc. (The)
- Cellu Tissue Holdings Inc.
- Boise Cascade Company
- Neenah Paper Inc.
- Mercer International Inc.
- White Birch Paper Co.
- NewPage Corp.
- Packaging Dynamics Corp.
- Verso Paper Holdings LLC
- U.S. Corrugated Inc.
- Boise Paper Holdings LLC
- Clearwater Paper Corp.

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