DBRS Releases Reports on TimberWest Senior Unsecured Debentures/TimberWest Income Fund

DBRS has today released reports on TimberWest Forest Corp.’s (TimberWest or the Company) Senior Unsecured Debentures and TimberWest Forest Corporation’s Income Fund, which provide further detail on the recent confirmation of ratings related to each entity.

On May 8, 2007, DBRS confirmed the Senior Unsecured Debentures rating of TimberWest at BBB (high), with a Stable trend. DBRS also confirmed the stability rating of TimberWest at STA-3 (low). The confirmations remove TimberWest from Under Review with Developing Implications status where it was placed on November 1, 2006, following the proposed federal tax changes for income trusts effective in 2011.

DBRS expects that the Company will not be affected by the proposed tax changes over the next five years at a minimum, although the longer-term impact remains uncertain.

To obtain a copy of the full reports or the May 8, 2007, press releases, please click on the link below or contact us at info@dbrs.com.