Moody's gives ENCE Energia notes B1

Moody's Investors Service said it assigned a definitive Ba3 corporate family rating and Ba3-PD probability of default rating to ENCE Energia y Celulosa, SA.

Concurrently, Moody's assigned a definitive B1 (LGD 4, 62%) rating to the €250 million senior secured notes issued by ENCE.

The stable outlook remains unchanged.

The B1 rating assigned to the €250 million senior secured notes is one notch below the group's corporate family rating. The rating on this instrument reflects its junior ranking behind the sizeable €90 million super senior revolving credit facility and trade payables, the agency said.

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