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Industry Economic And Ratings Outlook: U.S. And Canadian Forest Products Credit Quality Is Stable Apr 11
Standard & Poors, April 2011
The credit outlook for the U.S. and Canadian forest products sector is stable to slightly positive, according to Standard & Poor's Ratings Services' baseline 2011 and 2012 projection. Our forecast considers a gradual economic recovery in the U.S. and a modest improvement in new residential construction beginning in 2011 after a steep and prolonged downturn. Higher raw material and oil-related costs could dampen the improving scenario; however, we believe ratings for most companies in the sector can withstand the potential for somewhat lower margins. Moreover, liquidity for the majority of companies is adequate to strong following the U.S. recession, and debt maturities are mostly manageable. Our baseline economic outlook for the sector in 2011 and 2012 anticipates the following fundamentals:...
Companies mentioned in this report are: Georgia-Pacific LLC,Rayonier Inc.,International Paper Co.,Packaging Corp. of America,Weyerhaeuser Co.,Temple-Inland Inc.,Norbord Inc.,West Fraser Timber Co. Ltd.,Rock-Tenn Co.,RLC Industries Co.,Smurfit-Stone Container Corp.,NewPage Corp.,Boise Paper Holdings LLC
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.,Packaging Corp. of America,Weyerhaeuser Co.,Temple-Inland Inc.,Norbord Inc.,West Fraser Timber Co. Ltd.,Rock-Tenn Co.,RLC Industries Co.,Smurfit-Stone Container Corp.,NewPage Corp.,Boise Paper Holdings LLC