...Rating Derivation versus Peers Peer Comparison BILT's rated peers include Klabin S.A. (BBB-/Negative), Suzano Papel e Celulose S.A. (BB+/Positive) and Smurfit Kappa Group plc (SKG, BB+/Stable). Klabin and Suzano enjoy low production-cost structures and a high degree of vertical integration. Suzano and SKG are also significantly larger in scale than BILT. The peers also have much stronger financial profiles. Parent/Subsidiary Linkage Bilt Paper B.V's ratings reflect the company's strong operational and strategic linkages with ultimate parent BILT. Bilt Paper is in the same line of business as BILT and the two have a common treasury and management team. Bilt Paper holds a 99.99% stake in BGPPL, the key Indian operating entity, and a 98% stake in SFI. Bilt Paper accounts for over 85% of BILT's overall revenue and EBITDA. Country Ceiling No Country Ceiling constraint was in effect for these ratings. Operating Environment No Operating Environment influence was in effect for these ratings. Other...
