Fitch affirms Sappi

Fitch Ratings said it affirmed Sappi Southern Africa (Pty) Ltd.'s national long-term rating at A(zaf) and its short-term rating at F1(zaf).

At the same time, the senior unsecured bond issue ratings have been affirmed at A(zaf), the agency added.

The outlook for the long-term rating is stable.

The affirmation reflects Fitch's view that Sappi SA's net leverage profile should moderate in 2012 as the group increases its capital investment spend in its chemical cellulose operations over 2012/13.

Fitch also said that it believes Sappi SA's current net leverage level is prudent at 0.9x in FY11.

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