Rayonier says Moody’s raised credit rating, confirmed ‘Stable’ outlook

Rayonier says Moody’s raised credit rating

JACKSONVILLE, Fla. — Rayonier, a real estate investment trust that invests in timberland, said Monday that ratings service Moody’s Investor Service increased its corporate credit rating and confirmed its “Stable” outlook.

Rayonier said its rating was raised to “Baa2″ from “Baa3″ in a report from Moody’s last week.

Shares of Rayonier Inc. rose 50 cents, or 1 percent, to $50.21 in afternoon trading.