Ence Energia y Celulosa S.A.'s operational performance and credit metrics have rebounded over the past year, thanks to the group's turnaround plan and a favorable pricing and foreign exchange rate environment. We are therefore revising our outlook on Ence to stable and affirming the 'BB-' long-term credit rating. The stable outlook reflects our view that Ence's financial risk profile will continue to improve and that credit metrics will remain in line with the 'BB-' rating, even if pulp prices fall from current levels. On Sept. 30, 2015, Standard&Poor's Ratings Services revised its outlook on Spanish pulp and electricity producer Ence Energia y Celulosa S.A. (Ence) to stable from negative. At the same time, we affirmed our 'BB-' long-term
