Moody's Investors Service placed 's Baa2 senior unsecuredrating under review for a possible downgrade.

The review, from a previously stable outlook, comes in the wakeof the company's sale and purchase of timberlandsin the Pacific Northwest. The company also entered into a 10-year, $300 millionincremental term loan to fund its purchase and to repay an existing revolving creditfacility, and for general corporate purposes. Moody's said itsreview will pay attention to the company's post-closing credit metrics,including timberland asset coverage, how quickly and willingly it de-levers,the quality of the trees being purchased, and its ability to maintain strongliquidity. The review will also look at the supply and demand of saw logs inthe Pacific Northwest.

Meanwhile, S&P Global Ratings affirmed its BBB-corporate credit rating and unsecured issue-level ratings with a stableoutlook. The rating agency said Rayonier's strong coverage ratios and levels ofasset protection, as well as its satisfactory business profile support theinvestment grade rating.

S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.