Defense Expenditure in Romania to 2015 - Industry Dynamics and Competitive Landscape: Market Profile
- Published: August 2011
- Region: Romania
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.
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