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Fitch rates Suzano notes BBB-
Fitch Ratings said it assigned a BBB- rating to Suzano Papel e Celulose SA's proposed notes reopening.
The reopening is part of Suzano Austria GmbH's 2029 senior unsecured notes and will be guaranteed by Suzano.
Fibria Celulose SA also will guarantee the senior notes within 60 days of the completion of its merger with Suzano, Fitch explained.
The senior notes will be a benchmark-sized issuance due in 2029 and the proceeds will be used for general corporate purposes, including repayment of debt, the agency said.
Suzano's and Fibria have foreign-currency and local-currency issuer default ratings of BBB- with stable outlooks.
The ratings reflect the combined company's position as the world's leading producer of market pulp with 11 million tons of bleached eucalyptus kraft market pulp capacity in an industry of 62 million tons, Fitch said.
The ratings also consider the company's strong business position as a low-cost producer of market pulp and its position as the leading producer of printing and writing paper and paperboard in Brazil, the agency said.
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