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Article: Fitch Affirms Plum Creek Timber Company Ratings at 'BBB-'.
- Article from:
- Business Wire
- Article date:
- July 11, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO -- Fitch Ratings has affirmed Plum Creek Timber Company's (Plum Creek) senior unsecured debt ratings at 'BBB-'. The Rating Outlook is Stable.
Plum Creek's unsecured private placements and unsecured bank debt are suitably sized to the company's recurring cash flow and dividend stream. Operating margins in the company's core timberland business show low volatility, and cash flow is enhanced by the opportunistic sales of non-strategic and 'higher and better use' timberlands.
Fiscal 2004 was a boon year for the company, driven largely by timberland sales and a turn in the fortunes of manufactured wood products with record prices for lumber and ...