Sequana SA http://www.alacrastore.com/company-snapshot/Sequana_SA-1012946 Sunday, September 07, 2008 2:32:25 AM 1012946 Sequana SA en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/646936spcred/646936normThe latest Summary from S&Pglobal5/7/2008 12:56:22 PM175Summary646936FrancePaper ProductsEurope, Middle East, AfricaGlobal IssuersCorporationsSummaryThe rating on French paper production and distribution company Sequana Capital reflects its weak business risk profile, based on 100% ownership of graphic and specialty paper producer Arjowiggins and paper distribution company Antalis, and its aggressive financial risk profile. The business risk profile reflects Sequana's exposure to the highly competitive and cyclical graphic paper market and paper distribution segment, as well as negative business risk factors including high costs, small size (in fine coated paper production), and limited integration and diversification. Balancing factors are the company's good market position in the European paper distribution market and in specialty paper supply (bank notes, passports, healthcare products, and surgical paper), which offer product differentiation opportunities. In addition, Sequana has high-quality products, strongFRA15105020 151050 1510 15Sequana Capital323001EUROMIDAFRVOR@FPSUMMARYGLOBISSCORPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/608713spcred/608713normThe latest Research Update from S&P10/22/2007 10:30:39 AMResearch Update175global608713FrancePaper ProductsEurope, Middle East, AfricaGlobal IssuersCorporationsResearch UpdateOn Oct. 22, 2007, Standard&Poor's Ratings Services affirmed its 'B' short-term corporate credit rating on French paper production and distribution company Sequana Capital following a review of the European forest product sector (see "European Forest Product Downgrades Reflect Negative Reassessment of Industry Risks," published Oct. 22, 2007 on RatingsDirect.) The rating on Sequana reflects the company's weak business risk profile, derived from its portfolio of 100% ownership stakes in the graphic and specialty paper producer Arjowiggins and the paper distribution company Antalis, and its aggressive financial risk profile. The weak business risk profile reflects Sequana's exposure to the highly competitive and cyclical graphic paper market and paper distribution segment, as well as negative business risk factors including highFRA15105020 151050 1510 15Sequana Capital323001EUROMIDAFRVOR@FPRESUPDGLOBISSCORPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/606864spcred/606864normThe latest Full Report from S&P10/10/2007 10:28:52 AMFull Report400global606864FrancePaper ProductsEurope, Middle East, AfricaGlobal IssuersCorporationsFull ReportLeading worldwide positions on high value-added niche markets combining specialty papers and recycled coated papers with strong brand names, high-quality products, and R&D capabilities A leading European position in paper distribution Low pulp integration that enables the company to enhance flexibility, optimize its pulp mix, and reduce capital intensity Exposure to the cyclical and highly competitive coated paper market, with a relatively low competitive cost position Limited integration of input supply and exposure to high and volatile raw material prices, which is eroding margins Aggressive financial risk profile The rating on French paper production and distribution company Sequana Capital reflects its weak business risk profile, derived from its portfolio of 100% ownership stakes in the graphic and specialty paper producerFRA15105020 151050 1510 15Sequana Capital323001EUROMIDAFRVOR@FPFULLGLOBISSCORPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/606865spcred/606865normThe latest Summary from S&P10/10/2007 10:28:52 AMSummary175global606865FrancePaper ProductsEurope, Middle East, AfricaGlobal IssuersCorporationsSummaryThe rating on French paper production and distribution company Sequana Capital reflects its weak business risk profile, derived from its portfolio of 100% ownership stakes in the graphic and specialty paper producer Arjowiggins and the paper distribution company Antalis, and its aggressive financial risk profile. The weak business risk profile reflects Sequana's exposure to the highly competitive and cyclical graphic paper market and paper distribution segment, as well as negative business risk factors including high costs, small size (in fine coated paper production), and limited integration and diversification. Balancing factors are the company's good market position in specialty paper supply (bank notes, passport, healthcare, and surgery paper), offering product differentiation opportunities, and in the European paper distribution market. Sequana alsoFRA15105020 151050 1510 15Sequana Capital323001EUROMIDAFRVOR@FPSUMMARYGLOBISSCORPCredit & Investment ResearchS&P Credit Research