Rayonier Inc. Aug 08
Standard & Poors, August 2008
Abstract
Good geographic and product diversity; Large proportion of value-added products; High barriers to entry for specialty cellulose; Stable earnings and cash flows; Flexibility to accelerate timber harvest and sell timberlands if necessary to raise cash; Tax-efficient corporate structure; and Valuable timberland holdings. Cyclical end markets; Likely continuation of long-term decline in log and wood product prices; Competitive pricing pressures on commodity products; and High dividend payout ratio. The rating on Rayonier Inc. reflects the company's diverse portfolio of value-added products, good geographic diversity, valuable timberland holdings, solid levels of free cash flow, and management's commitment to maintain a moderate financial policy. The rating also reflects cyclical end markets, some exposure to volatile commodity prices, and a high dividend payout ratio....
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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