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Suzano Papel e Celulose S.A.
Standard & Poors, November 2010
Integrated and cost-competitive pulp production; Financial flexibility from high cash reserves; and Improving market conditions, boosting cash flows. Comparatively limited geographic diversity; Heavy capital expenditures projected for the intermediate term; and Weak credit metrics on a gross debt basis. Standard & Poor's Ratings Services' ratings on Suzano Papel e Celulose S.A. reflect its satisfactory business profile as a cost-competitive pulp and paper producer with an expanding presence in market pulp and other lucrative businesses, a strong domestic market position in paper, and favorable medium-term fundamentals. The ratings also reflect the company's significant financial profile, which results from strong and reasonably stable cash flows, allowing it to reduce leverage in 2010 and 2011. However, heavy capital expenditures projected for the intermediate
Companies mentioned in this report are: Suzano Papel e Celulose S.A.,Fibria Celulose S.A.
Suzano Papel e Celulose S.A.,Fibria Celulose S.A.