Moody's affirms Sino-Forest

Moody's Investors Service said it affirmed its Ba2 senior unsecured debt rating and Ba2 senior implied rating for Sino-Forest Corp.

The outlook for both ratings is stable.

Moody's said the rating actions follow the announcement from Sino-Forest regarding a proposed forestry plantation transaction. The transaction involves Sino-Forest entering into a series of agreements with Mandra Resources Ltd. and certain of its subsidiaries, which are start-up companies formed to acquire, grow, harvest and replant standing timber on commercial plantations in Anhui Province, China.

The affirmation reflects Moody's expectation that the proposed transaction will exert no material impact on the business fundamentals and financial strength of Sino-Forest in the near term.

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