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TEXT - S&P rates Plum Creek Timberlands LP
November 14, 2012 / 10:53 PM / 5 years ago

TEXT - S&P rates Plum Creek Timberlands LP

Nov 14 - Standard & Poor's Ratings Services said today that it assigned its
'BBB' senior unsecured debt rating to Plum Creek Timberlands L.P.'s $325 million
senior unsecured notes due 2023. The notes are fully and unconditionally
guaranteed by parent Plum Creek Timber Co. Inc. The company plans to use
proceeds from the notes to repay debt maturing in 2013. The company had total
adjusted debt of about $2 billion as of Sept. 30, 2012.

The ratings on Seattle-based Plum Creek reflect our view of the company's 
"satisfactory" business risk profile as one of the largest timberland owners 
and managers in the U.S., with significant operating flexibility, substantial 
geographic diversity, and a sizable portfolio of higher-and-better use 
properties. The ratings also incorporate our view of the company's 
"intermediate" financial risk profile, supported by the company's substantial 
asset protection afforded by its valuable timberlands, financial flexibility, 
and financial policies. The ratings also reflect the company's somewhat 
limited activities in cyclical markets, the variability in its credit 
protection measures, primarily due to the timing of real estate purchases and 
sales, and the sizable amount of cash that it returns to shareholders on 

     -- Key Credit Factors: Criteria For Rating The Forest Products Industry, 
Dec. 11, 2009
     -- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008

Temporary telephone contact numbers: Tobias Crabtree, (917) 539-4614; James 
Fielding, (917) 734-3477

Plum Creek Timber Co. Inc. 
 Corporate credit rating                         BBB/Stable/--

New Rating
Plum Creek Timberlands L.P.
 Proposed $325 mil sr unsecured notes due 2023   BBB

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