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S&P elevates UPM-Kymmene
S&P said it raised its long-term issuer credit rating on UPM-Kymmene Corp. to BBB from BBB- and its short-term rating on the company to A-2 from A-3.
At the same time, S&P raised its issue ratings on the senior unsecured notes issued by UPM to BBB from BBB-.
“The upgrade follows a strong operating performance in 2017 and 2018 year-to-date, which have facilitated a reduction in financial leverage that we expect to be sustainable for at least the next 24 months,” S&P said in a news release.
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