Moody's Investors Service has changed Ilim Timber's outlook to negative from positive. At the same time, Moody's affirmed the B2 corporate family rating (CFR) and the B2-PD probability of default rating. The rating action reflects Moody's expectation that Ilim Timber's operating performance and credit metrics will deteriorate in 2019 amid the cyclical downturn in the global timber industry. Although the market conditions are likely to stabilise or improve slightly over the next 12 months, which should support the company's credit quality, its rating will be weakly positioned in the ...
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