Moody's lifts UPM-Kymmene view to positive

Moody's Investors Service said it changed the outlook on UPM-Kymmene to positive from stable.

Moody's also said it affirmed the Baa2 issuer rating, as well as the Baa2 senior unsecured instruments ratings issued by UPM-Kymmene.

The ratings reflect UPM's continued track record of solid operating performance leading to further de-leveraging, supported by an expectation of continued financial discipline, the agency said.

The ratings also consider UPM's ongoing solid operating performance through 2018 despite the ongoing structural decline in demand for graphic grade paper in mature markets, leading to further improvement of its EBITDA margin, Moody's said.

The company also maintained strong free cash flow generation of roughly €450 million for the period that ended in September 2018, the agency said.

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