Stora Enso Oyj http://www.alacrastore.com/company-snapshot/Stora_Enso_Oyj-1005670 Sunday, July 06, 2008 12:58:12 AM 1005670 Stora Enso Oyj en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/cs/70961cs/70961norm The State of the Newsprint Market: June #### We discuss the most recently released newsprint data in the context of the $##/ton #Q## price hike. We assess the impact of Norske's sale of its Korean operations on the European newsprint...709612246YesD0Article11793940202corphy1225711541642High Yield54Euro Markets Issuers6/25/2008 1:10:32 AM150North American newsprint demand statistics were particularly weak in May.70961Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70805cs/70805norm European Paper #Q## Recap: Gloomy Days We recap a weak first quarter for the European paper industry in the context of rampant input cost inflation and weak supply-demand fundamentals for key paper grades. We detail the major factors...708053024YesD0Article1913117912103940corphy118571154163954Euro Markets Issuers42High Yield6/19/2008 1:11:00 AM150We recap a weak first quarter for the European paper industry with special attention to relative value for M-Real.70805Credit & 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...705981692YesD0Article191340392152381169corphy171225High Yield54Euro Markets Issuers6/16/2008 2:11:00 AM150North American and European paper producers announced a string of price increases even as April data was lukewarm at best.164270598Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/653845spcred/653845normThe latest Full Report from S&Pglobal6/13/2008 10:46:39 AM400Full Report653845FinlandPaper ProductsAsiaEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsForest ProductsFull ReportMajor industry player, with a well-diversified earnings base Competitive cost position Good cash flow generation on average Low debt leverage Poor profitability in recent years Cyclical market conditions and sustained industry overcapacity Escalating input costs and poor pricing power Adverse impact of Russian timber export duties The ratings on Finland-based paper manufacturer Stora Enso Oyj mainly reflect the group's satisfactory business risk profile and intermediate financial risk profile, although both are on the weak side for the category. On March 31, 2008, Stora Enso had estimated adjusted debt of about €4.53 billion, including estimated operating leases and postretirement liabilities and guarantee commitments at the consolidated group level totaling about €645 million. The satisfactory business risk profile reflects exposure to theFIN86210M15105020 151050 1510 15Stora Enso Oyj332442ASIAEUROMIDAFRUSASTERV@FHFULLSWE15105020 151050 1510 15Stora Kopparbergs Bergslags AB127652EUROMIDAFRSTORB@SSGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/653855spcred/653855normThe latest Summary from S&Pglobal6/13/2008 10:46:39 AM175Summary653855FinlandPaper ProductsAsiaEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsSummaryThe ratings on Finland-based paper manufacturer Stora Enso Oyj mainly reflect the group's satisfactory business risk profile and intermediate financial risk profile, although both are on the weak side for the category. On March 31, 2008, Stora Enso had estimated adjusted debt of about €4.53 billion, including estimated operating leases and postretirement liabilities and guarantee commitments at the consolidated group level totaling about €645 million. The satisfactory business risk profile reflects exposure to the highly competitive, commoditized, and cyclical forest product industry. It also reflects recent pressure on profitability resulting from structural challenges such as over-supply and the effect of the weakening U.S. dollar in key publishing and printing grades, which represent more than 50% of sales. These factors areFIN86210M15105020 151050 1510 15Stora Enso Oyj332442ASIAEUROMIDAFRUSASTERV@FHSUMMARYGLOBISSCORPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/70108cs/70108norm Stora Enso #Q## Tearsheet Despite a conservative credit metrics and available financial flexibility, Stora was downgraded to junk at Moody's due to margin erosion and weak supply-demand fundamentals for key grades.The company sold SENA...70108579YesC21Tearsheet39tearsheets/premium166/4/2008 5:10:09 PM15070108Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/PBC_109322moodys/PBC_109322pdf...Moody s downgraded the rating for Stora Enso to Ba# from Baa# on April ##, as Moody s has noted a fundamental deter ioration of Stora Enso s earnings power and cash flow generation and believe s that these are a result of secular trends that are likely to exert continue d pressure on the company s financial profile for some time. ... 6/2/2008 8:26:31 AMpdfStora Enso OyjStora Enso Oyj2290300.0000AnalysisAnalysisPBC_109322Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-25226847newstex/PRN-0005-25226847xml MIAMISBURG, Ohio, May ##, May ##, #### (PR Newswire delivered by Newstex) -- MIAMISBURG, Ohio, May ## /PRNewswire/ -- NewPage Corporation (NewPage) today announced its results of operations for the first quarter of ####. These results...01000000010210000400000004016000040160480401601804016003040160050401600104009000040090025/13/2008 9:09:12 AM1800000018008000180040001801600018006000PR Newswire USPRN-0005-25226847STORA ENSO CORPSEONewsNewstexhttp://www.alacrastore.com/storecontent/cs/68907cs/68907norm Sappi Fiscal #Q##: Impressive Quarter Despite Input Cost Inflation We discuss Sappi's fiscal #Q## earnings in the context of flourishing CFS markets in North America offset by rising input cost inflation. We focus on relative value...689071779YesD0Article1179121019134039corphy11851668Earnings Reports - Industrials/Consumer42High Yield5/6/2008 10:11:00 PM150We discuss relative value for Sappi in the context of a healthy YoY earnings improvement despite rising input costs.68907Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/646698spcred/646698normThe latest Summary from S&Pglobal5/6/2008 3:29:00 PM175Summary646698FinlandPaper ProductsAsiaEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsSummaryThe ratings on Finland-based paper manufacturer Stora Enso Oyj mainly reflect the group's satisfactory business risk profile and intermediate financial risk profile, although both are on the weak side for the category. On March 31, 2008, Stora Enso had estimated adjusted debt of about €4.53 billion, including estimated operating leases and postretirement liabilities and guarantee commitments at the consolidated group level totaling about €645 billion. The satisfactory business risk profile reflects exposure to the highly competitive, commoditized, and cyclical forest product industry. It also reflects recent pressure on profitability resulting from structural challenges such as over-supply and the effect of a weakening U.S. dollar in key publishing and printing grades, which represent more than 50% of sales. These factors areFIN86210M15105020 151050 1510 15Stora Enso Oyj332442ASIAEUROMIDAFRUSASTERV@FHSUMMARYGLOBISSCORPCredit & Investment ResearchS&P Credit Researchhttp://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...688273347YesD0Article1179191312104039382021169corphy1225711642High Yield5/5/2008 11:11:57 PM150In March, pricing initiatives in North America and Europe gained traction despite weak global demand for key paper grades.68827Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/PR_154267_728950moodys/PR_154267_728950htmlGlobal Credit Research Rating Action ## APR #### Rating Action: Enso Finance B.V. Moody's downgrades Stora Enso to Ba#, changes outlook to stable Approximately EUR #.# billion of rated debt affected DIFC, April ##, #### -- Moody's...4/30/2008 1:26:52 AMhtmlEnso Finance B.V.Stora Enso OyjEnso Finance B.V.; Stora Enso Oyj7289502290150.0000NewsRating ActionPR_154267_728950Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/cs/68412cs/68412norm UPM & Stora Enso #Q##: Brother, Can you Spare a Log? Considering three of the major European paper names have come in below expectations, we discuss broader themes related to the precarious wood supply situation and the heated M&A landscape...684124796YesD0Article4012103919131179corphy1711668Earnings Reports - Industrials/Consumer54Euro Markets Issuers4/28/2008 9:11:17 PM150We reevaluate relative value as rampant wood cost inflation, Euro appreciation and weak timber markets marred UPM and Stora's 1Q08 earnings.68412Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/PRN-0005-24742769newstex/PRN-0005-24742769xml HELSINKI, Finland, April ##, Apr. ##, #### (PR Newswire delivered by Newstex) -- HELSINKI, Finland, April ## /PRNewswire-FirstCall/ -- STORA ENSO OYJ - INTERIM REVIEW RELEASE ## April #### at ##.## GMT Summary of First Quarter...0400000004016000040160010401604804016018040100000401000504013000040130044/24/2008 4:05:35 AM1800000018008000180040001900000019002000190020071900201819002014PR Newswire USPRN-0005-24742769STORA ENSO CORPSTORA ENSO OYJSEOSEOAYNewsNewstexhttp://www.alacrastore.com/storecontent/cs/66275cs/66275norm Stora Enso #Q## Tearsheet Despite a conservative credit profile and available financial flexibility to lead consolidation in Europe, SEO risks a downgrade to junk as the agencies have consistently held a negative view of European paper...66275611YesC21Tearsheet39tearsheets/premium164/16/2008 2:16:00 PM15066275Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/67424cs/67424norm Printing & Writing Paper Monthly: March #### We discuss the dramatic turnaround in North American coated paper markets as producers announced their second $##/ton price hike in ####. European producers also announced their second price...674243098YesD0Article1179191339401137382021169corphy1225711642High Yield4/4/2008 12:12:00 AM150Paper producers across North America and Europe ended February on a healthy note as they began to reap the benefits of 2007 capacity closures.67424Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/67185cs/67185norm Moody's Prepared to Boot Stora Enso from Investment Grade We discuss the likelihood that Moody's will downgrade Stora Enso to high yield from investment grade in the near-term. We contend the rating agencies' theory that European paper...671851023YesD0Article40113739corp1711654Euro Markets Issuers3/31/2008 12:13:35 AM150Moody's placed Stora Enso's ratings on review for downgrade. After a tumultuous 2007 for Stora and a weak outlook for 2008, this news hardly comes as a surprise.67185Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/PR_151990_2290moodys/PR_151990_2290htmlGlobal Credit Research Rating Action ## MAR #### Rating Action: Stora Enso Oyj Moody's reviews Stora Enso Baa# rating for possible downgrade Approximately EUR #.# billion of rated debt affected DIFC, March ##, #### -- Moody's Investors...Rating Action3/29/2008 1:07:50 AMStora Enso Oyj2290150.0000NewshtmlStora Enso OyjPR_151990_2290Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/cs/66348cs/66348norm Paper & Forest Products: Investment Grade Event Risk Recap We review and update key developments in event and operational risk for investment grade producers under coverage. Topics discussed include macro-economic fundamentals, M&A...663482701YesD0Article391001172741113738corp12251654Euro Markets Issuers51LBO3/12/2008 2:11:00 AM150We review developments in event risk and operational risk for investment grade paper & forest products producers under coverage.66348Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/409972_pr_framefitch/409972_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Stora Enso Oyj839770653/7/2008 10:24:00 AM0100000001030000010312000103120185Press ReleaseSTE.A409972_pr_frameCredit & Investment ResearchFitchResearch