Standard & Poor’s upgrades its outlook on Ence





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July 29, 2016 – Standard & Poor’s has upgraded its outlook on Ence – Energía y Celulosa from stable to positive and maintains its BB- corporate credit rating .

The outlook improvement reflects the potential for a credit rating upgrade in the next twelve months due to Ence´s strong profitability and cash flow generation, along with its sustained low leverage, high credit ratios and liquidity position, even in lower pulp price scenarios.

Standard & Poors expects Ence´s operating margins and return on capital to remain above the broader paper and forest products sector and acknowledges Ence`s logistics and commercial advantages based on the strategic location of its mills, and its exposure to growing end-markets such us tissue.