S&P upgrades Klabin

Standard & Poor's said it raised Klabin SA to BBB- from BB+ on the global scale and to brAAA from brAA+ on the national scale.

The outlook is stable.

The upgrade reflects an opinion that Klabin will maintain a prudent financial policy and strong liquidity thanks to its higher operating results and solid market position in the Brazilian packaging market, S&P said.

The company's competitive position has improved due to higher product diversity, the agency added.

The company will keep improving its operating performance in the next few years as a result of continuing cost cutting and operating efficiency initiatives, S&P said.

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