SPOKANE, Wash., July 09, 2018 (GLOBE NEWSWIRE) -- PotlatchDeltic Corporation (NASDAQ:PCH)
Standard & Poor’s Global Ratings (S&P) announced July 6, 2018 an upgrade in PotlatchDeltic’s corporate credit rating outlook and issue-level ratings on senior unsecured debt to BBB- from BB+. The rating outlook is stable. S&P cited strong demand and pricing, timberland coverage, high margins and conservative financial policies as factors that led to the upgrade. PotlatchDeltic is investment grade rated by both S&P and Moody’s Investors Services.
“We are pleased that the company has achieved an investment grade rating by both S&P and Moody’s,” said Mike Covey, chairman and chief executive officer. “This reflects the benefits of our recent merger with Deltic Timber, the strong fundamentals that support our businesses and our commitment to maintain conservative financial policies. We are positioned very well and I am excited about the future prospects for our company,” stated Mr. Covey.
PotlatchDeltic Corporation (NASDAQ:PCH) is a leading Real Estate Investment Trust (REIT) that owns nearly 2 million acres of timberlands in Alabama, Arkansas, Idaho, Louisiana, Minnesota and Mississippi. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a medium density fiberboard plant, a residential and commercial real estate development business and a rural timberland land sales program. PotlatchDeltic, a leader in sustainable forest practices, is dedicated to long-term stewardship and sustainable management of its timber resources. More information can be found at www.potlatchdeltic.com.
Source: PotlatchDeltic Corporation