Domtar Corporation http://www.alacrastore.com/company-snapshot/Domtar_Corporation-1005109 Saturday, July 26, 2008 7:36:33 AM 1005109 Domtar Corporation en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/661731spcred/661731normThe latest Full Report from S&Pglobal7/25/2008 6:35:31 PM400Full Report661731United StatesPaper ProductsUnited StatesGlobal IssuersCorporationsForest ProductsFull ReportStrong share of the consolidating uncoated freesheet market Several of the lowest-cost uncoated freesheet mills in North America Operates in highly cyclical industry Declining demand for uncoated freesheet due to competing technologies The ratings on Domtar Corp. reflect the company's leading market position in the North American uncoated freesheet (UFS) market and good cost profile. The ratings are constrained, however, by declining demand for UFS; volatile prices for commodity paper, pulp, and lumber products; and a weak lumber business. With 34% of industry capacity, Domtar is the largest UFS manufacturer in North America. It has 4.6 million short tons of integrated fine paper capacity at 12 pulp and paper mills. Most of its paper capacity is in the U.S.; DomtarUSA25755F25756125755915105020 151050 1510 15Domtar Corp.413227USAUFSFULLCAN25756115105020 151050 1510 15Domtar Inc.110347CANUSADTC@CNGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661733spcred/661733normThe latest Summary from S&Pglobal7/25/2008 6:35:31 PM175Summary661733United StatesPaper ProductsUnited StatesGlobal IssuersCorporationsForest ProductsSummaryThe ratings on Domtar Corp. reflect the company's leading market position in the North American uncoated freesheet (UFS) market and good cost profile. The ratings are constrained, however, by declining demand for UFS; volatile prices for commodity paper, pulp, and lumber products; and a weak lumber business. With 34% of industry capacity, Domtar is the largest UFS manufacturer in North America. It has 4.6 million short tons of integrated fine paper capacity at 12 pulp and paper mills. Most of its paper capacity is in the U.S.; Domtar also manufactures and sells coated groundwood paper, pulp, and lumber. The company has a leading market share of the consolidated UFS industry in which the top five producers make up about 80%USA25755F25756125755915105020 151050 1510 15Domtar Corp.413227USAUFSSUMMARYGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661572spcred/661572normThe latest News from S&Pglobal7/25/2008 3:47:30 PM100News661572United StatesPaper ProductsUnited StatesGlobal IssuersCorporationsForest ProductsNewsTORONTO (Standard&Poor's) July 25, 2008--Standard&Poor's Ratings Services today said it raised the long-term corporate credit rating on Montreal-based Domtar Corp. and its subsidiary Domtar Inc. to 'BB' from 'BB-'. The outlook is stable. At the same time we raised the issue-level ratings on Domtar's senior secured debt to 'BBB-' from 'BB+' (two notches above the corporate credit rating on the company). The '1' recovery rating, indicating the expectation for a very high (90%-100%) recovery in the event of a payment default, is unchanged. We also raised the issue ratings on the company's senior unsecured debt to 'BB-' from 'B+' (one notch below the corporate credit rating on the company). The '5' recovery rating, indicating modest (10%-30%)USA25756125755925755F15105020 151050 1510 15Domtar Corp.413227USAUFSNEWSGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661573spcred/661573normThe latest Research Update from S&Pglobal7/25/2008 3:47:30 PM175Research Update661573United StatesPaper ProductsUnited StatesGlobal IssuersCorporationsForest ProductsResearch UpdateOn July 25, 2008, Standard&Poor's Ratings Services raised the long-term corporate credit rating on Montreal-based Domtar Corp. and its subsidiary Domtar Inc. to 'BB' from 'BB-', reflecting significant improvement in the company's financial risk profile in the past year and management's commitment to ongoing debt reduction. The outlook is stable. At the same time we raised the issue-level ratings on Domtar's senior secured debt to 'BBB-' from 'BB+' (two notches above the corporate credit rating on the company) and senior unsecured debt to 'BB-' from 'B+' (one notch below the corporate credit rating on the company). The recovery ratings on both debts are unchanged. The ratings reflect Domtar's leading market position in the North American uncoated freesheet (UFS)USA25756125755925755F15105020 151050 1510 15Domtar Corp.413227USAUFSRESUPDCAN25756115105020 151050 1510 15Domtar Inc.110347USACANDTC@CNGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/newstex/PRN-0001-26927706newstex/PRN-0001-26927706xml MONTREAL, Jul. ##, #### (Canada NewsWire Group delivered by Newstex) -- /CNW Telbec/ -- Domtar Corporation (NYSE/TSX: UFS) will release its second quarter #### financial results before markets open on Friday, August #, ####. A conference...0400000004016000040160487/25/2008 12:19:24 PM180000001800400018008000Canada NewsWire GroupPRN-0001-26927706DOMTAR CORPDOMTAR INCDTCUFSNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-26927669newstex/PRN-0005-26927669xml Jul. ##, #### (PR Newswire delivered by Newstex) -- TICKER SYMBOLUFS (NYSE, TSX)MONTREAL, July ## /PRNewswire-FirstCall/ - Domtar Corporation (NYSE/TSX: UFS) will release its second quarter #### financial results before markets open...0400000004016000040160487/25/2008 12:19:24 PM180000001800400018008000PR Newswire USPRN-0005-26927669DOMTAR CORPDOMTAR INCDTCUFSNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0001-26704621newstex/PRN-0001-26704621xml OTTAWA, Jul. ##, #### (Canada NewsWire Group delivered by Newstex) -- /CNW Telbec/ -- NAV CANADA today announced the appointment of Brian K. Aitken as Acting Vice President, Finance, Chief Financial Officer and Treasurer, effective...09000000090150000400000004016000040160010401600804006000040060017/16/2008 12:17:48 PM180000001800700019000000190030001900200019002012Canada NewsWire GroupPRN-0001-26704621DOMTAR INCDTCNewsNewstexhttp://www.alacrastore.com/storecontent/cs/71432cs/71432norm The Printing & Writing Paper Monthly: June #### We discuss the larger-than-expected drop in coated paper demand in North America as a possible tipping point for pricing power in the market. We provide an overview of macro fundamentals...714322579YesD0Article191340392152381169corphy1712251642High Yield54Euro Markets Issuers7/9/2008 1:06:19 AM150A huge decline in demand jolted coated paper markets in North America.71432Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70598cs/70598norm The Printing & Writing Paper Monthly: May #### We discuss pricing power for coated paper in North America as producers have almost finished implementing their second price hike in ####. The impressive pricing trend continued in North...705981692Yes0Article191340392152381169corphy1712251642High Yield54Euro Markets Issuers6/16/2008 2:05:00 AM150DNorth American and European paper producers announced a string of price increases even as April data was lukewarm at best.70598Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70148cs/70148norm Domtar #Q## Tearsheet Strong UFS supply-demand fundamentals and positive pricing momentum for all major UFS grades remain key credit positives.The company exchanged all Domtar Inc. notes for Domtar Corporation notes and redeemed its...70148495YesC21Tearsheet1169tearsheets/premium166/4/2008 4:05:12 PM15070148Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/PR_156270_815066028moodys/PR_156270_815066028htmlGlobal Credit Research Rating Action ## MAY #### Rating Action: Domtar Corporation Moody's places Domtar under review for possible upgrade Approximately $#.# billion of debt securities affected Toronto, May ##, #### -- Moody's Investors...5/29/2008 12:39:09 AMhtmlDomtar CorporationDomtar Corporation815066028150.0000NewsRating ActionPR_156270_815066028Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/649531spcred/649531normThe latest News from S&Pglobal5/21/2008 10:22:30 AM100News649531United StatesPaper ProductsUnited StatesGlobal IssuersCorporationsForest ProductsNewsTORONTO (Standard&Poor's) May 21, 2008--Standard&Poor's Ratings Services revised the outlook on Montreal-based Domtar Corp. (Domtar) to positive from stable, reflecting the company's ongoing debt reduction and successful integration of Weyerhaeuser Co.'s (BBB/Negative/A-2) fine paper assets. At the same time, we affirmed the ratings, including the 'BB-' long-term corporate credit rating, on Domtar. "The ratings reflect Domtar's leading market position in the North American uncoated free sheet market and good cost profile," said Standard&Poor's credit analyst Jatinder Mall. "The ratings are constrained, however, by declining demand for uncoated free sheet; volatile prices for commodity paper, pulp, and lumber products; and a weak lumber business," Mr. Mall added. With 34% of industry capacity, Domtar is theUSA25756125755925755F15105020 151050 1510 15Domtar Corp.413227USAUFSNEWSGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/649532spcred/649532normThe latest Research Update from S&Pglobalstructured5/21/2008 10:22:30 AM175Research Update649532United StatesPaper ProductsUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsCollateralized Debt ObligationsResidential MBSForest ProductsResearch UpdateOn May 21, 2008, Standard&Poor's Ratings Services revised the outlook on Montreal-based Domtar Corp. (Domtar) to positive from stable, reflecting the company's ongoing debt reduction and successful integration of Weyerhaeuser Co. 's (BBB/Negative/A-2) fine paper assets. At the same time, we affirmed the ratings, including the 'BB-' long-term corporate credit rating, on Domtar. The ratings reflect Domtar's leading market position in the North American uncoated free sheet (UFS) market and good cost profile. The ratings are constrained, however, by declining demand for UFS; volatile prices for commodity paper, pulp, and lumber products; and a weak lumber business. With 34% of industry capacity, Domtar is the largest manufacturer of UFS in North America. It has 4.6 million metric tonsUSA25756125755925755F15105020 151050 1510 15Domtar Corp.413227USAUFSRESUPDCANUSA25756196216696216H96217A96217B96217C15105010 151050 1510 1515105020 151050 1510 15Weyerhaeuser Co.Domtar Inc.102569110347ASIACANEMERGINGEUROMIDAFRLATAMERICAUSAWYDTC@CNGLOBISSSTRUCFICORPCDORMBSForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/35720cs/35720norm Bowater: Where's the CAD Discount? Bowaters' fourth quarter reported earnings were an improvement over #Q## but was still the lowest level of the year. Given high energy and currency costs related to BOW's operations, we believe the...corphy22511642High Yield5/16/2008 12:08:20 PM150Bowater's fourth quarter results were an improvement over the fourth quarter of 2004, but were still the lowest level of the year, and rising energy costs and currency appreciation remain difficult challenges for the company.357202577YesD0Article1169116820420235720Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/35321cs/35321norm #### Paper & Forest Products Outlook, Part # Part # of our #### Paper and Forest Products outlook examines investment opportunities related to some of the broader trends discussed in Parts # and #. First, we analyze investment grade...1342353216717YesD0Article863100141113711681169204202164838corpcorp/reportshy12251621Sector Outlooks5/15/2008 12:12:42 PM150In Part 3 of our 2006 Paper and Forest Products outlook, we look at the company-specific implications of the broader trends discussed in Parts 1 and 2.35321Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/35014cs/35014norm #### Paper and Forest Products Outlook, Part #: Key Themes The second part of our #### outlook considers the industry's macro issues. Perhaps second only to declining demand, currency fluctuations wreaked havoc on paper markets in...350143710YesD0Article100149438411137116811812041169202207corp/reportshycorp2251642High Yield21Sector Outlooks5/14/2008 10:08:48 AM150From soaring natural gas prices to a strong Canadian dollar, 2005 was a challenging year for paper and forest products producers. Looking ahead to 2006, we examine which trends will continue and how.35014Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/PRN-0005-25159965newstex/PRN-0005-25159965xml PITTSBURGH, May #, May #, #### (PR Newswire delivered by Newstex) -- PITTSBURGH, May # /PRNewswire-USNewswire/ -- Over #,### members of the United Steelworkers Union (USW) voted by a # to # margin to accept a four-year umbrella...0400000004018000110000001100200009000000090160005/9/2008 3:15:31 PM1800000018022000190000001900100019001017PR Newswire USPRN-0005-25159965DOMTAR INCDTCNewsNewstexhttp://www.alacrastore.com/storecontent/cs/68901cs/68901norm Domtar #Q##: Costs Rise But Earnings Still Up To the Mark We discuss Domtar's #Q## earnings in the context of higher UFS prices, offset by rising input cost inflation driven by wood and chemical costs. We argue Domtar's position as...5/6/2008 10:06:00 PM150Domtar Corporation's operating fundamentals remain strong, but the company suffered its first quarter of negative net free cash flow on the back of seasonal working capital fluctuations and input cost inflation.689011366YesD0Article381169corphy12251642High Yield68Earnings Reports - Industrials/Consumer68901Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/PRN-0005-25037320newstex/PRN-0005-25037320xml MONTREAL, May #, May #, #### (PR Newswire delivered by Newstex) -- MONTREAL, May # /PRNewswire-FirstCall/ - Domtar Corporation (NYSE/TSX: UFS) today reported net earnings of $## million ($#.## per diluted share) for the first quarter...04000000040160000401604804016018040160015/6/2008 9:37:47 AM18000000180080001800400018016000PR Newswire USPRN-0005-25037320DOMTAR CORPDOMTAR INCRaymond NULL RoyerDTCUFSNewsNewstexhttp://www.alacrastore.com/storecontent/cs/68827cs/68827norm The Printing & Writing Paper Monthly: April #### We discuss pricing power for coated paper in North America as producers have almost finished implementing their second price hike in ####. The North American cut-size price hike is in...3347YesD0Article1179191312104039382021169corphy1225711642High Yield5/5/2008 11:06:00 PM150In March, pricing initiatives in North America and Europe gained traction despite weak global demand for key paper grades.6882768827Credit & Investment ResearchCreditSights