S&P affirms Weyerhaeuser

Standard & Poor's said it affirmed all of its ratings on Weyerhaeuser Co., including its BBB corporate credit rating.

All ratings are removed from CreditWatch where they were placed with negative implications on May 7, 2007, the agency said.

At that time, the company announced that it was reviewing strategic alternatives for its containerboard, packaging and recycling businesses, S&P said.

The outlook is negative.

The agency added that the rating actions follow Weyerhaeuser's announcement that it had signed an agreement to sell these businesses to International Paper Co. (BBB/Watch negative/A-2) for $6 billion in cash, subject to post-closing adjustments.

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