S&P boosts Temple-Inland

Standard & Poor's said it raised all of its ratings on Temple-Inland Inc., including raising the corporate credit rating to BBB from BBB-.

At the same time, the agency said it removed the ratings from Creditwatch, where they were placed with positive implications on March 16.

The outlook is stable.

"The upgrade recognizes the meaningful debt reduction achieved by Temple-Inland in 2009 and prospects for further debt reduction so as to meet its leverage target of book debt to capital in the 35% to 40% range," said S&P credit analyst Pamela Rice.

Adjusted debt at March 31 was about $1.2 billion, almost $325 million less than at the end of the first quarter of 2009, with adjusted debt to estimated EBITDA of about 2.7x, compared with 3.6x a year earlier, the agency said.

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