GEORGIA-PACIFIC <GP> DEBT UPGRADED BY S/P
Standard and Poor's Corp said it
upgraded Georgia-Pacific Corp's 1.1 billion dlrs of debt.
    Raised were the company's senior debt to A-minus from
BBB-plus, preferred stock to BBB-plus from BBB and preliminary
rating on shelf securities to A-minus from BBB-plus.
    S and P said the action reflected prospects for continued
healthy markets over the next few years. The rating agency also
said Georgia-Pacific benefitted from cost cutting and has
reduced debt by 700 mln dlrs in the past five years.
    The company now has flexibility to pursue a strategy of
increasing its presence in the paper products market.
 Reuter
