SFK Pulp Fund http://www.alacrastore.com/company-snapshot/SFK_Pulp_Fund-2561655 Saturday, October 11, 2008 8:30:06 AM 2561655 SFK Pulp Fund en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/676148spcred/676148normThe latest Full Report from S&Pglobal10/10/2008 10:40:06 AM400Full Report676148CanadaPaper ProductsCanadaGlobal IssuersCorporationsForest ProductsFull ReportCompetitive cost position Secure fiber supply Moderate debt leverage Limited revenue diversity Volatile profitability Weak cash flow The ratings on SFK Pulp Fund reflect the company's modest operations and diversity in the cyclical, capital-intensive, and competitive pulp industry, as well as the vulnerability of its earnings to changes in volatile pulp prices; exchange rates; and energy, chemical, and transportation costs. These weaknesses are partially offset by SFK's competitive cost position, some product and operational diversity, secure fiber supply, and a less aggressive financial risk profile than that of most of its North American peers. Cost pressures and slowing demand for SFK's pulp products are negatively affecting SFK's profitability, cash flow generation, and debt leverage. The company's operating margin has beenCAN15105020 151050 1510 15SFK Pulp Fund405151CANSFK-U@CNFULLCANUSASFK Pulp Recycling U.S. Inc.SFK Pulp Inc.405153405154CANUSAGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/676150spcred/676150normThe latest Summary from S&Pglobal10/10/2008 10:40:06 AM175Summary676150CanadaPaper ProductsCanadaGlobal IssuersCorporationsForest ProductsSummaryThe ratings on SFK Pulp Fund reflect the company's modest operations and diversity in the cyclical, capital-intensive, and competitive pulp industry, as well as the vulnerability of its earnings to changes in volatile pulp prices; exchange rates; and energy, chemical, and transportation costs. These weaknesses are partially offset by SFK's competitive cost position, some product and operational diversity, secure fiber supply, and a less aggressive financial risk profile than that of most of its North American peers. Cost pressures and slowing demand for SFK's pulp products are negatively affecting SFK's profitability, cash flow generation, and debt leverage. The company's operating margin has been declining in the past several quarters, as increased costs for energy, chemicals, fiber, and transportation, along withCAN15105020 151050 1510 15SFK Pulp Fund405151CANSFK-U@CNSUMMARYGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/676058spcred/676058normThe latest News from S&Pglobal10/9/2008 6:49:29 PM100News676058CanadaPaper ProductsCanadaGlobal IssuersCorporationsForest ProductsNewsTORONTO (Standard&Poor's) Oct. 9, 2008--Standard&Poor's Ratings Services today said it revised the outlook on Longueuil, Que.-based SFK Pulp Fund to negative from stable. At the same time, we affirmed all ratings on the company, including the 'B+' long-term corporate credit rating. "The revised outlook reflects our concerns that cost pressures and slowing demand for its pulp products will negatively affect SFK's profitability, cash flow generation, and debt leverage," said Standard&Poor's credit analyst Donald Marleau. SFK's operating margin has been declining in the past several quarters, as increased costs for energy, chemicals, fiber, and transportation, along with a persistently high Canadian dollar, have more than offset record pulp prices. "Because of its declining profitability, SFK'sCAN15105020 151050 1510 15SFK Pulp Fund405151CANSFK-U@CNNEWSGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/676059spcred/676059normThe latest Research Update from S&Pglobal10/9/2008 6:49:00 PM175Research Update676059CanadaPaper ProductsCanadaGlobal IssuersCorporationsForest ProductsResearch UpdateOn Oct. 9, 2008, Standard&Poor's Ratings Services revised the outlook on Longueuil, Que.-based SFK Pulp Fund to negative from stable. At the same time, we affirmed all ratings on the company, including the 'B+' long-term corporate credit rating. The revised outlook reflects our concerns that cost pressures and slowing demand for its pulp products will negatively affect SFK's profitability, cash flow generation, and debt leverage. The company's operating margin has been declining in the past several quarters, as increased costs for energy, chemicals, fiber, and transportation, along with a persistently high Canadian dollar, have more than offset record pulp prices. Because of its declining profitability, SFK's cash distributions to equity holders have led to negative discretionary cash flowCAN15105020 151050 1510 15SFK Pulp Fund405151CANSFK-U@CNRESUPDUSACANSFK Pulp Recycling U.S. Inc.SFK Pulp Inc.405153405154CANUSAGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/newstex/PRN-0001-27224023newstex/PRN-0001-27224023xml Aug. #, #### (Canada NewsWire Group delivered by Newstex) -- LONGUEUIL, QC, Aug. # /CNW Telbec/ -- For the second quarter ended JuneA ##, ####, SFK Pulp recorded sales of $###.# million. Earnings before interest, taxes and amortization...09000000090150000400000004016000040160480401601804016008040160018/6/2008 10:05:21 PM180000001800800018004000190000001900200019002012Canada NewsWire GroupPRN-0001-27224023ABITIBIBOWATER INCABITIBIBOWATER INC.SFK PULP FUNDABHSFK'ZSFK.UNNewsNewstexhttp://www.alacrastore.com/storecontent/moodys/SGL_0809594711moodys/SGL_0809594711htmlSpec Grade Liquidity Assmt1/3/2008 8:21:23 PMGlobal Credit Research Spec Grade Liquidity Assmt ## JUL #### Spec Grade Liquidity Assmt: SFK Pulp Fund SFK Pulp Fund On July ##, ####, Moody's Investors Service (Moody's) affirmed SFK Pulp Fund's (SFK) SGL-# speculative grade liquidity...SFK Pulp Fund809594711300.0000AnalysishtmlSFK Pulp FundSGL_0809594711Credit & Investment ResearchMoody's Global Credit Research