S&P upgrades Georgia-Pacific

Standard & Poor's said it raised its ratings on Georgia-Pacific LLC, including raising the corporate credit rating to BB+ from BB-, and removed all ratings from CreditWatch, where they were placed with positive implications on Aug. 14.

The outlook is stable.

"The upgrade recognizes the greater-than-expected progress GP has made in strengthening its credit measures as prices have held up better than we had anticipated," said S&P credit analyst Pamela Rice in a news release.

The rating action also reflects S&P's expectations for additional improvement in the company's financial risk profile if the economy exits the recession and housing markets begin to recover gradually in 2010 as S&P currently believes.

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