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S&P affirms Rayonier ratings, keeps stable outlook

S&P Global Ratings affirmed Rayonier Inc.'s corporate credit and senior unsecured issue level ratings at BBB- and revised the company's management and governance score to satisfactory from fair.

The rating agency said Rayonier's internal operations and timber assets portfolio have improved since 2014, when the company disclosed overharvesting in its timber operations in the Pacific Northwest.

The company's outlook remains stable, reflecting S&P's view that Rayonier will keep its interest coverage ratios close to 7x and maintain its roughly 4.5x debt-to-EBITDA ratio by producing EBITDA of about $240 million in 2017 and $260 million in 2018.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.