ATLANTA - Moody's Investor Service has further dropped Georgia-Pacific Corporation's credit rating, which is already regarded as junk status. <br>
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Moody's cites Georgia-Pacific's continued high level of debt, uncertainty associated with its rising asbestos liabilities and a weak near-term outlook for the company's commodity products. <br>
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Georgia-Pacific reported a $234 million loss Tuesday for the fourth quarter. <br>
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The loss is equivalent to 94 cents per share. That's a decline from last year's fourth quarter loss of $190 million -- or 81 cents per share. <br>
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Chairman and chief executive Pete Correll says the company will cut costs to reduce its losses in future quarters. <br>
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Revenue fell to $5.1 billion. That compares to $5.79 billion in the same three-month period a year ago. <br>
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For the year, Georgia-Pacific lost $735 million. <br>
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It is one of the world's leading manufacturers of tissue, packaging, paper, building products, pulp and related chemicals.
