UPM-Kymmene Corporation http://www.alacrastore.com/company-snapshot/UPM_Kymmene_Corporation-1095999 Saturday, July 26, 2008 8:09:39 AM 1095999 UPM-Kymmene Corporation en AlacraStore RSS Builder 1.0 30 http://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/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 1:04:57 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...3024Yes0Article1913117912103940corphy118571154163954Euro Markets Issuers42High Yield6/19/2008 1:05:00 AM15070805DWe 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...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/70103cs/70103norm UPM-Kymmene #Q## Tearsheet UPM maintains a conservative balance sheet, giving itself room for consolidation opportunities.  However, the market is currently pricing in a move to junk as the agencies do not hold a favorable view of European...70103543YesC21Tearsheet40tearsheets/premium166/4/2008 4:05:11 PM15070103Credit & Investment ResearchCreditSightsFINLAND - Kymppivoima Oy, a unit of UPM-Kymmene Oyj, planned to acquire a #.#% stake in PVO-Palvelut Oy, a Helsinki-based provider of electricity and heat services, for ## mil euros ($###.### mil US).5/29/2008 4:21:08 PM50160E73048R50160E915436Kymppivoima OyPohjolan Voima OyKymppivoima OyUPM-Kymmene Oyjhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Kymppivoima_Oy_acquires_a_minority_stake_in_Pohjolan_Voima_Oy_from_UPM_Kymmene_Oyj-1981462040sdc/19814620401981462040Copyright © 2008, Thomson Financial, All Rights ReservedElectric, Gas, and Water DistributionFinlandElectric services4911FFForeignPrivate4911:Electric services4931:Electric and other services combined4911:Electric services4931:Electric and other services combinedElectric, Gas, and Water DistributionFinlandElectric services4911FFForeignSubsidiary320248001Pvd electricity svcsMnfr wood,paper,steel prodCashCash OnlyStock217163002May 29 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.00000Kymppivoima Oy located inHelsinki, Finland, provideselectricity services. Thecompany also offer emissionstrading and financialoptimisation of generation.The company was founded in1993.Kymppivoima Oy located in Helsinki, Finland, provideselectricity services. The company also offer emissionstrading and financial optimisation of generation. Thecompany was founded in 1993.Kymppivoima Oy located in Helsinki, Finland, provides electricity services. The company also offer emissions trading and financial optimisation of generation. The company was founded in 1993.1.00000Electric utilityElectric utilityElectric utility0.000000.000000.000000.00000NEURO27 May 08Tue, 27 May 2008 00:00:00 ESTDate Announced: 05/27/2008Date Effective:Acq. Part. Int.Friendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000080 EURO80.000000.0000080 EURO80.000000.000000.000000.000000.0000080.0000080 EURO1.56800N63.526000.000000.000000.000000.000000.00000125.43100125.431000.000000.000000.000000.000000.000000.000000.000006.700000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.00000FINLAND - Kymppivoima Oy, aunit of UPM-Kymmene Oyj,planned to acquire a 6.7%stake in PVO-Palvelut Oy, aHelsinki-based provider ofelectricity and heat services,for 80 mil euros ($125.431 milUS).FINLAND - Kymppivoima Oy, a unit of UPM-Kymmene Oyj, planned to acquire a 6.7% stake in PVO-Palvelut Oy, a Helsinki-based provider of electricity and heat services, for 80 mil euros ($125.431 mil US).FINLAND - Kymppivoima Oy, a unit of UPM-Kymmene Oyj, planned to acquire a 6.7% stake inPVO-Palvelut Oy, a Helsinki-based provider of electricity and heat services, for 80 mileuros ($125.431 mil US).FINLAND - Kymppivoima Oy, a unit of UPM-Kymmene Oyj, planned to acquire a 6.7% stake in PVO-Palvelut Oy, a Helsinki-based provider of electricity and heat services, for 80 mil euros ($125.431 mil US).FINLAND - Kymppivoima Oy, a unit of UPM-Kymmene Oyj, planned to acquire a 6.7% stake in PVO-Palvelut Oy, a Helsinki-based provider ofelectricity and heat services, for 80 mil euros ($125.431 mil US).Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000004911:Electric services320248001Finland4911ForeignPrivate2411:Logging2421:Sawmills and planing mills2435:Hardwood veneer and plywood2611:Pulp mills2621:Paper mills3325:Steel foundries, nec3523:Farm machinery and equipment3731:Ship building and repairing8711:Engineering services104252003HelsinkiFinland2411ForeignPublicREPO125.4310080.00000125.4310063.52600Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/spcred/650337spcred/650337normThe latest Full Report from S&Pglobalstructured5/27/2008 10:23:27 AM400Full Report650337FinlandPaper ProductsAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsCollateralized Debt ObligationsForest ProductsFull ReportOne of the world's largest forest products companies, with a well-diversified earnings base Better-than-industry-average cost position Good energy and pulp supply integration Adequate cash flow generation Presence in cyclical and currently oversupplied paper markets Exposure to escalating input prices and poor development of product pricing Low fiber integration High investment levels The ratings on Finland-based forest products group UPM-Kymmene Corp. (UPM) reflect its diversified earnings base, better-than-average cost position, and intermediate financial risk profile. UPM is one of the largest forest products groups in the world. A broad product portfolio--in which the main grades are magazine paper, newsprint, and fine paper--and geographically diversified sales mitigate the effects of cyclical prices. On March 31, 2008, the group's adjusted debt was aboutFIN915436X9518S15105020 151050 1510 15UPM-Kymmene Corp.309444ASIAEMERGINGEUROMIDAFRLATAMERICAUSAFULLGLOBISSSTRUCCORPCDOForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/650338spcred/650338normThe latest Summary from S&Pglobalstructured5/27/2008 10:23:27 AM175Summary650338FinlandPaper ProductsAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsCollateralized Debt ObligationsForest ProductsSummaryThe ratings on Finland-based forest products group UPM-Kymmene Corp. (UPM) reflect its diversified earnings base, better-than-average cost position, and intermediate financial risk profile. UPM is one of the largest forest products groups in the world. A broad product portfolio--in which the main grades are magazine paper, newsprint, and fine paper--and geographically diversified sales mitigate the effects of cyclical prices. On March 31, 2008, the group's adjusted debt was about €5.17 billion (including about €800 million in assessed adjustments related to postretirement obligations, leases, and proportionately consolidated debt at Metsä-Botnia Oy). About 70% of UPM's earnings are derived from the challenging publishing and printing markets. This exposes the group to cyclical demand volatility in key European and North American markets whereFIN915436X9518S15105020 151050 1510 15UPM-Kymmene Corp.309444ASIAEMERGINGEUROMIDAFRLATAMERICAUSASUMMARYGLOBISSSTRUCCORPCDOForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/650323spcred/650323normThe latest Full Report from S&Pglobalstructured5/27/2008 8:20:34 AM400Full Report650323FinlandPaper ProductsAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsCollateralized Debt ObligationsForest ProductsFull ReportOne of the world's largest forest products companies, with a well-diversified earnings base Better-than-industry-average cost position Good energy and pulp supply integration Adequate cash flow generation Presence in cyclical and currently oversupplied paper markets Exposure to escalating input prices and poor development of product pricing Low fiber integration High investment levels The ratings on Finland-based forest products group UPM-Kymmene Corp. (UPM) reflect its diversified earnings base, better-than-average cost position, and intermediate financial risk profile. The ratings are constrained by its presence in cyclical paper markets that are currently oversupplied and experiencing escalating input prices. They are also constrained by poor development of product pricing, low fiber integration and high investment levels. UPM is one of the largest forest products groupsFIN915436X9518S15105020 151050 1510 15UPM-Kymmene Corp.309444ASIAEMERGINGEUROMIDAFRLATAMERICAUSAFULLGLOBISSSTRUCCORPCDOForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/650324spcred/650324normThe latest Summary from S&Pglobalstructured5/27/2008 8:20:34 AM175Summary650324FinlandPaper ProductsAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsCollateralized Debt ObligationsForest ProductsSummaryThe ratings on Finland-based forest products group UPM-Kymmene Corp. (UPM) reflect its diversified earnings base, better-than-average cost position, and intermediate financial risk profile. The ratings are constrained by its presence in cyclical paper markets that are currently oversupplied and experiencing escalating input prices. They are also constrained by poor development of product pricing, low fiber integration and high investment levels. UPM is one of the largest forest products groups in the world. A broad product portfolio--in which the main grades are magazine paper, newsprint, and fine paper--and geographically diversified sales mitigate the effects of cyclical prices. On Dec. 31, 2007, the group's adjusted debt was about €4.86 billion (including about €450 million in assessed unfunded postretirement obligations and an estimatedFIN915436X9518S15105020 151050 1510 15UPM-Kymmene Corp.309444ASIAEMERGINGEUROMIDAFRLATAMERICAUSASUMMARYGLOBISSSTRUCCORPCDOForestCredit & Investment ResearchS&P Credit Researchhttp://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 10:06:29 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/646702spcred/646702normThe latest Summary from S&Pglobalstructured5/6/2008 3:23:51 PM175Summary646702FinlandPaper ProductsAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsCollateralized Debt ObligationsForest ProductsSummaryThe ratings on Finland-based forest products group UPM-Kymmene Corp. (UPM) reflect its diversified earnings base, better-than-average cost position, and intermediate financial risk profile. UPM is one of the largest forest products groups in the world. A broad product portfolio--in which the main grades are magazine paper, newsprint, and fine paper--and geographically diversified sales mitigate the effects of cyclical prices. On March 31, 2008, the group's adjusted debt was about €5.17 billion (including about €800 million in assessed adjustments related to postretirement obligations, leases, and proportionately consolidated debt at Metsä-Botnia Oy). About 70% of UPM's earnings are derived from the challenging publishing and printing markets. This exposes the group to cyclical demand volatility in key European and North American markets whereFINX9518S91543615105020 151050 1510 15UPM-Kymmene Corp.309444ASIAEMERGINGEUROMIDAFRLATAMERICAUSASUMMARYGLOBISSSTRUCCORPCDOForestCredit & 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...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 ResearchCreditSightshttp://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 9:06:07 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/spcred/643830spcred/643830normThe latest Research Update from S&Pglobalstructured4/21/2008 8:17:48 AM175Research Update643830FinlandPaper ProductsAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsCollateralized Debt ObligationsForest ProductsResearch UpdateOn April 21, 2008, Standard&Poor's Ratings Services lowered its long-term corporate credit ratings on Finland-based forest product company UPM-Kymmene Corp. to 'BBB-' from 'BBB' following a reassessment of the company's business and financial risk, as well as financial prospects, in light of more challenging paper market conditions than expected. At the same time, the 'A-3' short-term rating was affirmed. The outlook is negative. We have revised our financial forecast for UPM-Kymmene downwards in light of a weakening performance towards the end of 2007, lower expectations in the newsprint, fine paper, and wood products divisions as a result of weakening economic prospects, and cost inflation. This is only partly offset by pricing and volume momentum in the magazine segment.FIN915436X9518S15105020 151050 1510 15UPM-Kymmene Corp.309444ASIAEMERGINGEUROMIDAFRLATAMERICAUSARESUPDGLOBISSSTRUCCORPCDOForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/643835spcred/643835normThe latest News from S&Pglobalstructured4/21/2008 8:17:48 AM100News643835FinlandPaper ProductsAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsForest ProductsNewsSTOCKHOLM (Standard&Poor's) April 21, 2008--Standard&Poor's Ratings Services said today that it had downgraded two key European forest product companies and revised the outlook on a third player to negative to reflect more-adverse-than-expected developments in the sector. The long-term corporate credit ratings on Finland-based UPM-Kymmene Corp. were lowered to 'BBB-' from 'BBB'. At the same time, the 'A-3' short-term rating was affirmed. The outlook is negative. The long-term corporate credit ratings on Norway-based Norske Skogindustrier ASA were lowered to 'BB-' from 'BB' and placed on CreditWatch with negative implications. At the same time, the 'B' short-term corporate credit rating was affirmed. The issue ratings on Norske Skogindustrier ASA's long-term debt were also lowered to 'BB-' from 'BB'FIN915436X9518S15105020 151050 1510 15UPM-Kymmene Corp.309444ASIAEMERGINGEUROMIDAFRLATAMERICAUSANEWSAUTFINIRLLUXNORSWEZAF65653380306980307086210M869587R80036X5594C15103020 151030 1510 1515105020 151050 1510 15Svenska Cellulosa Aktiebolaget SCAHolmen ABM-real Corp.Stora Enso OyjSappi Ltd.Norske Skogindustrier ASASappi Papier Holding GmbHLecta S.A.Smurfit Kappa Group PLC106030308564328964332442346311350161362290412092419864ASIAEMERGINGEUROMIDAFRUSAHOLMB@SSMRLBV@FHSTERV@FHSAP@SJNSG@NO899775Z@FPSKG@IDGLOBISSSTRUCCORPABSCDOForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/67363cs/67363norm UPM-Kymmene #Q## Tearsheet UPM maintains a conservative balance sheet, giving itself room for consolidation opportunities.  However, the market is currently pricing in a move to junk as the agencies do not hold a favorable view of European...67363544YesC21Tearsheet40tearsheets/premium164/16/2008 2:17:40 PM15067363Credit & 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 12:06:16 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 12:07:06 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/cs/66091cs/66091norm Printing & Writing Paper Monthly: February #### We discuss recent positive pricing momentum in North American coated paper markets following impressive capacity rationalization by major producers. We reevaluate relative value for North...660913445YesD0Article4038117911373919131169corphy1712251642High Yield54Euro Markets Issuers3/5/2008 1:10:53 AM150The positive pricing momentum continued in North American coated paper markets, while paper markets in Europe were less encouraging.66091Credit & Investment ResearchCreditSights