Summary: Suzano Papel e Celulose S.A. Jun 11
Standard & Poors, June 2011
Abstract
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 and maintenance of significant cash reserves. However, heavy capital expenditures projected for the intermediate term also affect the ratings. We also factor in the intrinsic risks of the paper and pulp industry, as a capital-intensive business that requires heavy investments in forests and industrial facilities several years in advance of production, has volatile pulp prices, and...
Companies mentioned in this report are: Suzano Papel e Celulose S.A.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Suzano Papel e Celulose S.A.
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