S&P withdraws Temple-Inland's BBB corporate credit rating, affirms BBB issue-level rating on Temple-Inland's senior unsecured debt that will be assumed by IP
February 13, 2012
Standard & Poor's Ratings Services said today it withdrew its 'BBB' corporate credit rating on Austin, Texas-based Temple-Inland Inc.
At the same time, we affirmed our 'BBB' (the same as acquirer International Paper Co.'s corporate credit rating) issue-level rating on the Temple-Inland's senior unsecured debt that will be assumed by International Paper Co. (BBB/Stable/--)
"International Paper Co. completed its acquisition of Temple-Inland on Feb. 13, 2012--as a result, we have withdrawn the corporate credit rating and affirmed the issue-level ratings on the Temple-Inland debt that is remaining outstanding," said Standard & Poor's credit analyst Tobias Crabtree.
"We affirmed the senior unsecured rating on Temple-Inland's senior notes due 2012, senior notes due 2016, and senior notes due 2018 as a result of International Paper Co. assuming this debt," added Mr. Crabtree. The issue-level ratings are the same as International Paper Co.'s corporate credit rating and it is our understanding that these obligations will not be guaranteed by International Paper Co.
RELATED CRITERIA AND RESEARCH
International Paper Co. Ratings Unaffected By Temple-Inland Acquisition, Feb. 13, 2012
Credit Themes: Prospects For U.S. And Canadian Forest Products Are Stable, But Economic Uncertainty Lingers, Feb. 7, 2012
Bulletin: International Paper Co. Ratings Unaffected by Temple-Inland Acquisition, Sept. 7, 2011
2008 Corporate Criteria: Analytical Methodology, April 15, 2008
Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
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