January 22, 2013 / 3:15 PM / in 5 years

TEXT-S&P rates Georgia-Pacific's commercial paper program 'A-1'

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".

     -- 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

Georgia-Pacific LLC
 Corporate credit rating               A/Stable/--

New Ratings
 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 
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