Fitch Affirms Weyerhaeuser's IDR at 'BB+' & Revises Outlook to Positive; Withdraws Ratings
by Business Wire
Fitch Ratings has affirmed the following ratings of Weyerhaeuser Company (WY), revised the Outlook to Positive, and simultaneously withdrawn the ratings:
--Long-term Issuer Default Rating (IDR) at 'BB+';
--Senior unsecured debt at 'BB+.
The Rating Outlook is revised to Positive from Stable. Fitch has decided to discontinue the ratings which are uncompensated.
The Outlook revision to Positive from Stable acknowledges the impact that the recovery in housing is having on three of WY's four business segments. Year over year the volumes of logs and most wood products sold and the number of homes closed is substantially higher than in 2011. Fitch expects a continuation of the recovery will replicate another good year for WY and could result in bringing leverage down below 3.0x debt/EBITDA. Fitch expects that most increased cash flow will be repatriated to shareholders; overall debt is expected to be reduced as it matures.
Additional information is available at 'www.fitchratings.com'. The issuer did not participate in the rating process or provide additional information, beyond the issuer's available public disclosure. The ratings were unsolicited and have been provided by Fitch as a service to investors.
Aplicable Criteria and Related Research:
--'Corporate Rating Methodology' (Aug. 8, 2012).
Applicable Criteria and Related Research:
Corporate Rating Methodology