Debt Ratings Disfavor Weyerhaeuser and Plum Creek; New Course Details Timber Growing...

Debt Ratings Disfavor Weyerhaeuser and Plum Creek; New Course Details Timber
Growing Equities

ATHENS, Ga., Sept. 11 /PRNewswire/ -- Debt ratings provide an incomplete
picture of the business models associated with timberland-owning firms. Fitch
downgraded Weyerhaeuser's debt to below investment grade on September 3rd to
BB+ from BBB-, citing negative free cash flow, looming debt maturities in
2012, and poor prospects in the housing and lumber markets. Plum Creek, a
publicly-traded timber-growing real estate investment trust (REIT), maintained
its investment grade BBB- debt ratings with sufficient liquidity on hand to
survive the recession. Regardless, Fitch maintains a negative outlook for
Plum Creek. To help investors, Forisk Consulting offers a new course,
"Investing in Timber REITs," that teaches frameworks for valuing the assets
and evaluating the cash flows of publicly-traded timber REITs.

Timber REIT investment analysis benefits from a quantitative perspective on
the market values and expected cash flows unique to timberland assets. In
addition, a supportable methodology for evaluating relative performance is
critical. Why? Because timber REITs represent but one avenue for investors
interested in adding timberlands to their investment portfolios. Alternatives
included ETFs, direct timberland ownership, indirect ownership through
commingled funds, and C-corporations. However, the investment
characteristics, portfolio benefits, and participation requirements vary.
For example, the Forisk Timber REIT Index (FTR Index), a market cap weighted
index of public timber REITs, shows a 5.5% year-to-date return for the asset
class.

"Investing in Timber REITs" details approaches to help analysts and investors
compare timberland investment vehicles, evaluate timber REIT operating
performance, and assess relative financial performance with non-timber asset
classes. In addition, the course discusses investment theses associated with
inflation hedging, mergers and acquisitions (M&A), and short selling. To
learn more about the Atlanta-based "Investing in Timber REITs" on September
22nd, visit www.forisk.com and click on "Continuing Education."

Contact: Amanda Hamsley Lang, ahamsley@forisk.com

About Forisk Consulting: Forisk provides research, consulting, and educational
services to operating, finance and strategy executives and analysts making
decisions associated with timber REITs, timberlands, and wood-using bioenergy
and manufacturing facilities.

SOURCE Forisk Consulting

Brooks Mendell, President, Forisk Consulting, +1-678-984-8707,
bmendell@forisk.com