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Research Update: Tembec Inc. Ratings Lowered To 'CCC-' On Reduced Liquidity; Outlook Negative Jan 06

Description:
Abstract
On Jan. 30, 2006, Standard & Poor's Ratings Services lowered its long-term corporate credit and senior unsecured debt ratings on forest products company Tembec Inc. and its subsidiary, Tembec Industries Inc., to 'CCC-' from 'CCC+'. The short-term rating on Tembec remains 'C'. The outlook is negative. The ratings on Montreal, Que.-based Tembec reflect its weakening liquidity position and the company's struggle to generate positive EBITDA, or improve its weak cost position. The company's survival is highly dependent on external factors such as pulp prices, the depreciation of the Canadian dollar, or a resolution of the U.S.-Canada softwood lumber dispute that results in a return of the C$310 million of softwood lumber duties Tembec has deposited with the U.S. government. Liquidity...

Companies mentioned in this report are: Tembec Inc.,Tembec Industries Inc.
Action: Downgraded


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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
 
Companies Mentioned
Tembec Inc.,Tembec Industries Inc.
 
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