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Issuer Ranking: European Forest Products Companies, Strongest To Weakest Aug 07 Product Image

Issuer Ranking: European Forest Products Companies, Strongest To Weakest Aug 07

  • Published: August 2007
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • Holmen AB
  • Lecta S.A.
  • Metsa Board Corp.
  • Norske Skogindustrier ASA
  • Sappi Ltd.
  • Smurfit Kappa Group PLC
  • MORE

Abstract
The ratings on European forest products companies have shown a negative trend over the past few years. This reflects the sector's weak profitability and financial performance, caused by input cost inflation and margin pressure resulting from weak pricing power. Recently, a weakening U.S. dollar has put pressure on export earnings and tempered European prices as export volumes have been repatriated. The market environment for European forest product companies remained challenging in the first half of 2007. Input cost inflation continues to pressure profitability, and financial performances remain weak compared with rating requirements. Nevertheless, volumes are generally improving, contributing to better capacity utilization and capacity reductions. Moreover, cost-cutting measures are starting to affect margins and greater scrutiny of capital spending plans...

Companies mentioned in this report are:
- Svenska Cellulosa Aktiebolaget SCA
- Holmen AB
- UPM-Kymmene Corp.
- Metsa Board Corp.
- Stora Enso Oyj
- Sappi Ltd.
- Norske Skogindustrier ASA
- Lecta S.A.
- Smurfit Kappa Group PLC

Standard and Poors RatingsXpress Credit Research provides READ MORE >

- Svenska Cellulosa Aktiebolaget SCA
- Holmen AB
- UPM-Kymmene Corp.
- Metsa Board Corp.
- Stora Enso Oyj
- Sappi Ltd.
- Norske Skogindustrier ASA
- Lecta S.A.
- Smurfit Kappa Group PLC

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