Klabin S.A. Dec 11

  • ID: 2035281
  • December 2011
  • Standard & Poors

Favorable cost position in both pulp and paper; Improving profitability on a richer product mix; and Strong liquidity. Aggressive gross debt leverage; Exposure to volatile paper markets; and Dependence on economic conditions in few markets, notably, Brazil. 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...

Companies mentioned in this report are: Klabin 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.

Research Type: Full Analysis

Note: Product cover images may vary from those shown

Klabin S.A.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown


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