Moody’s revises ENCE view to negative

Moody's Investors Service said it changed the outlook for ENCE Energia y Celulosa, SA to negative from stable.

“Today's change in outlook to negative reflects the deterioration in pulp prices at a time where debt levels are high following recent sizable investment activity. This raises questions marks as to ENCE’s ability to achieve and sustain credit metrics commensurate with a Ba2 rating over the next year,” said Dirk Steinicke, Moody's lead analyst for ENCE, in a press release.

Moody’s affirmed the Ba2 corporate family rating and its Ba2-PD probability of default rating.

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