ENCE Energia y Celulosa S.A. Ratings Withdrawn At The Company's Request

MILAN (S&P Global Ratings) April 4, 2022--S&P Global Ratings said today that it has withdrawn its 'BB-' long-term issuer credit rating on Spain-based ENCE Energia y Celulosa S.A. (ENCE) at the company's request. The outlook was negative at the time of the withdrawal, reflecting that we could have lowered the rating by one or more notches if we became certain that ENCE's concession to operate the pulp mill in Pontevedra would be annulled. We thought such an event could result in the weakening of ENCE's credit metrics and the probable deterioration of its business risk profile. ENCE Energia y Celulosa Outlook Revised To Negative On Pontevedra Mill Concession Uncertainty; 'BB-' Rating Affirmed, Dec. 6, 2021

...April 4, 2022 MILAN (S&P Global Ratings) April 4, 2022--S&P Global Ratings said today that it has withdrawn its '##-' long-term issuer credit rating on Spain-based ENCE Energia y Celulosa S.A. (ENCE) at the company's request. The outlook was negative at the time of the withdrawal, reflecting that we could have lowered the rating by one or more notches if we became certain that ENCE's concession to operate the pulp mill in Pontevedra would be annulled. We thought such an event could result in the weakening of ENCE's credit metrics and the probable deterioration of its business risk profile....

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