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Provider: Reuters Investment Profile
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Fitch Affirms Stora Enso Oyj's Rating and Outlook

Monday, 28 Oct 2013 11:54am EDT 

Fitch Ratings announced that it has affirmed Stora Enso Oyj's Long-term Issuer Default Rating (IDR) and senior unsecured rating at 'BB-'. The Outlook is Stable. The agency has also affirmed the Short-term IDR at 'B'. The ratings reflect the poor long term prospects in the paper business. The Company's strategy to diversify away from the printing paper sector into new segments and geographies implies that capex will remain high, penalizing cash generation and keeping credit metrics under pressure. The rescheduling of the Chinese new plant investment is easing this pressure and Fitch expects leverage to remain at a level commensurate to the current level of rating. This is reflected in the Stable Outlook. Future developments that could lead to positive rating actions include: improved trading conditions and operating performance, resulting in an improvement of credit metrics, in particular, with FFO adjusted gross leverage falling below 4.0x on a sustained basis. Future developments that could lead to negative rating action include: an increase in leverage with FFO adjusted leverage remaining above 5.0x on a sustained basis; a deterioration in profitability, with recurring EBIT margin remaining below 5% through the cycle. 

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-0.11 -1.22%
19 Dec 2014