Summary: Rayonier Inc. Mar 09
Standard & Poors, March 2009
Abstract
The rating on Rayonier Inc. reflects the company'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 rating also reflects 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 2.6 million acres); sells real estate; produces high-value specialty cellulose fibers; and trades logs. Rayonier's real estate company, TerraPointe LLC, focuses on maximizing the value of its higher- and better-use properties. Although Standard & Poor's Ratings Services believes the weak U.S. economy will have a modest impact on Rayonier's end-market demand, we expect the company's earnings and operating...
Companies mentioned in this report are: Rayonier Inc.
Action: Review
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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.
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