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S&P changes Fibria Celulose view
S&P said it affirmed the BBB- corporate credit rating on Fibria Celulose SA and revised the outlook to stable from negative.
At the same time, the agency affirmed the BBB- issue-level rating on Fibria Overseas Finance Ltd.'s bonds, which Fibria fully guarantees.
S&P Said the actions reflect Fibria's deleveraging trend following better-than-expected pulp prices and the successful ramp-up of its new pulp mill, Horizonte 2, which started operating at the end of August.
“As a result, the company's leverage is now within the boundaries of its financial policy that mandates a net leverage below 3.5x during expansion cycles,” the agency said in a news release.
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