S&P affirms Temple-Inland

Standard & Poor's said it affirmed Temple-Inland Inc.'s BBB- corporate credit rating.

The outlook is negative.

"The affirmation follows Temple-Inland's announcement of improved first-quarter 2009 earnings and our view that the company's financial profile could strengthen to - and be sustained at - a level more consistent with the current rating over the next few quarters," S&P analyst Pamela Rice said in a statement.

Ratings reflect the company's competitive cost positions in corrugated packaging and building products, above-average forward integration and moderate financial policy, the agency said.

Ratings also incorporate industry cyclicality, mature box demand and wide swings in the company's earnings, cash flow and credit measures, S&P said.

The issuer has a debt-to-EBITDA ratio of 3x.

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