Jan 22 - Standard & Poor's Ratings Services today assigned its 'A-1'
short-term rating to Atlanta-based forest products manufacturer Georgia-Pacific
LLC's (GP) proposed $1 billion 4(a) (2) commercial paper program. In addition,
we assigned our 'A-1' short-term corporate credit rating to GP.
GP will use the commercial paper program for working capital requirements and
general corporate purposes including funding a portion of its acquisition of
International Paper Co.'s Temple-Inland Building Products division. The
program will be backed by its $1.25 billion revolving credit facilities.
The corporate credit rating on GP is 'A' and the outlook is stable. The rating
incorporates a two-notch uplift from GP's 'bbb+' stand-alone credit profile to
reflect the strategic importance of GP to Koch. In addition, we view GP's
liquidity to be "exceptional".
RELATED CRITERIA AND RESEARCH
-- Short-Term/Long-Term Ratings Linkage Criteria For Corporate And
Sovereign Issuers, May 15, 2012
-- Methodology: Business Risk/Financial Risk Matrix Expanded, Sept. 18,
-- Methodology And Assumptions: Liquidity Descriptors For Global
Corporate Issuers, Sept. 28, 2011
-- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008
Corporate credit rating A/Stable/--
Short-term corporate credit rating A-1
Proposed $1 bil 4(a) (2) CP Program A-1
Complete ratings information is available to subscribers of RatingsDirect on
the Global Credit Portal at www.globalcreditportal.com. All ratings affected
by this rating action can be found on Standard & Poor's public Web site at
www.standardandpoors.com. Use the Ratings search box located in the left