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S&P affirms Temple-Inland
Standard & Poor's said it affirmed all of Temple-Inland Inc.'s ratings, including its BBB- corporate credit rating, and removed them from CreditWatch, where they were placed with negative implications on Feb. 27, 2007 in connection with the company's announced transformation plan. Temple-Inland is in the process of separating into three publicly traded companies by spinning off its real estate and financial services businesses and selling its timberland assets.
The outlook is stable.
The affirmation reflects S&P's belief that Temple-Inland's financial risk profile will support the current ratings over the cycle despite prospects for greater volatility of earnings and cash flow following the transformation. In addition, the agency expects the company to maintain a moderate financial policy to balance the loss of diversity and stability provided by the financial results of the financial services, real estate and timberlands businesses.
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