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Lecta S.A. Mar 09
Standard & Poors, March 2009
Adequate liquidity position for the rating level Major European coated fine paper producer with efficient and well-invested asset base Cost advantage as a result of being located close to important end-markets in Southern Europe Falling demand for key products due to the economic downturn in Europe, offsetting the benefits of announced and executed capacity closures Limited diversity with high dependence on the cyclical and competitive European coated fine paper market Significant historical and ongoing price and margin pressure that has destabilized cash flows and eroded debt protection measures The ratings on Luxembourg-based paper producer Lecta S.A. reflect its exposure to the cyclical, competitive, and challenging European coated woodfree (CWF) paper market. They also reflect limited integration in pulp, a key...
Companies mentioned in this report are: Lecta S.A.
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