TEXT-S&P corrects by withdrawing rtg on Mandra Forestry notes

Mon Jul 23, 2012 3:36am EDT

July 23 - Standard & Poor's Ratings Services said today that it corrected an internal administrative error by withdrawing its 'BB' foreign currency long-term issue rating on the US$195 million guaranteed senior notes issued by Mandra Forestry Finance Ltd. At the same time, Standard & Poor's withdrew its 'cnBBB-' Greater China credit scale rating on the notes.

The notes were guaranteed by Sino-Forest Corp. Standard & Poor's withdrew the rating on Sino-Forest on Aug. 29, 2011, and the issue rating on Mandra Forestry Finance's notes should have been withdrawn at the same time.

RELATED CRITERIA AND RESEARCH

-- Sino-Forest Corp. Rating Lowered To 'CCC-' With Negative Outlook; Rating Then Withdrawn On Heightened Information Risks, Aug. 29, 2011

-- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008