Moody’s raises ENCE, notes to Ba2

Moody's Investors Service said it upgraded ENCE Energia y Celulosa SA’s corporate family rating to Ba2 from Ba3, probability of default rating to Ba2-PD from Ba3-PD and €250 million senior notes maturing in 2022 to Ba2 from Ba3.

The outlook remains stable.

"Today's rating action primarily recognises ongoing structural improvements of ENCE's business profile as well as our expectation that pulp prices are likely to remain high in the next 2-3 years," Martin Fujerik, Moody's lead analyst for ENCE, said in a news release.

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