S&P ups Suzano Papel to brAA+

S&P said it raised its national scale rating on Suzano Papel e Celulose SA to brAA+ from brAA.

In addition, the agency affirmed the BB+ global scale ratings on Suzano and the BB+ issue-level ratings on the financing vehicles Bahia Sul Holding GMBH and Suzano Trading Ltd., which Suzano guarantees.

The outlook is stable.

S&P also affirmed its 3 recovery rating on the issue-level ratings, indicating an expectation of meaningful recovery (50%-70% in the higher range of the band) of the notes under a hypothetical default scenario.

S&P said the national scale rating upgrade results from Suzano's improvement in its credit metrics, which result in a favorable comparison relative to other Brazilian issuers.

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