Moody's upgrades West Fraser

Moody's Investors Service said it upgraded West Fraser Timber Co. Ltd.'s senior note rating to Baa3 from Ba1.

Moody's also withdrew the company's Ba1 corporate family, Ba1-PD probability of default rating and SGL-1 speculative grade liquidity rating, consistent with Moody's ratings practice for investment grade issuers.

The outlook is stable.

The upgrade recognizes West Fraser's strong operating and financial performance and reflects expectations of continued strength as the company benefits from a further pickup in U.S. housing activity and from the completion of several modernization and expansion projects, Moody's said.

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