Oct 13, 2006. /Lesprom Network/. Standard & Poor's Ratings Services said on October 12 that it raised its corporate credit rating on Scotia, California-based Pacific Lumber Co. to 'CCC' from 'CCC-'. The outlook is developing. "The upgrade reflects Pacific Lumber's improved liquidity following the recent refinancing of its credit facilities," said Standard & Poor's credit analyst Lisa Wright. The company has about $20 million of availability under a new $60 million borrowing base facility, compared to its former $35 million facility with minimal availability. "We could lower the ratings if Scotia Pacific LLC, Pacific Lumber's wholly owned subsidiary and primary log supplier, fails to meet its financial obligations, or files for bankruptcy protection and we expect that the courts will force Pacific Lumber into the filing," Ms. Wright said. "We could raise the ratings if Scotia Pacific is able to significantly increase its harvest or otherwise refinance its debt to allow it to meet its interest and principal payments." Pacific Lumber Co. and its forestry arm, Scotia Pacific Company LLC are engaged in growing trees and making wood products.