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S&P upgrades Metsa Board
Standard & Poor’s said it raised the long-term corporate credit rating on Metsa Board Corp. to BB+ from BB.
The agency also said it affirmed the B short-term rating on Metsa Board.
S&P also said it raised the rating on Metsa Board’s senior unsecured debt to BB+ from BB, and revised the recovery rating on this debt to 3 from 4, indicating 50% to 70% expected default recovery.
The outlook is positive.
The upgrades follow Metsa Board’s stronger-than-expected performance in 2015 as it progressed with the final steps of becoming a pure paperboard producer, S&P said.
The company’s financial risk profile also is expected to improve in 2016 as capital expenditures decrease as of 2015 and dividends increase only marginally, the agency said.
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