Moody’s cuts ENCE Energia

Moody's Investors Service said it downgraded the corporate family rating of ENCE Energia y Celulosa, SA to Ba3 from Ba2 as well as the probability of default rating to Ba3-PD from Ba2-PD.

The outlook was changed to stable from negative.

“The downgrade reflects our expectation that ENCE's adjusted leverage will remain above 6x debt/EBITDA over the next 12 months as a result of a weaker than expected recovery in pulp prices,” Dirk Steinicke, Moody's lead analyst for ENCE, said in a news release.

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