- Language: English
- Published: December 2011
Summary: Klabin S.A. Dec 11
- ID: 2035244
- December 2011
- Standard & Poors
The ratings on Klabin S.A. reflect our opinion of its "satisfactory" business profile and "significant" financial profile, as our criteria define those terms. The company is a leading player in packaging paper in Brazil and benefits from favorable cash cost fundamentals, especially relating to its timberlands. Although Klabin has not reduced its financial leverage at the pace we originally expected, in part because of currency depreciation, and its gross debt remains aggressive, we haven't changed our assessment of the company's financial profile, because its liquidity remains strong in our view and a critical rating factor. These positives are partially offset by Klabin's exposure to somewhat volatile paper markets that depend on economic conditions in its most important market, Brazil, and...
Companies mentioned in this report are: Klabin S.A.
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.
SHOW LESS READ MORE >