Spain-Based ENCE Energia y Celulosa Proposed EUR250 Million Senior Unsecured Notes Rated 'BB-'

LONDON (Standard&Poor's) Oct. 21, 2015--Standard&Poor's Ratings Services today assigned its 'BB-' issue rating to the proposed €250 million senior unsecured notes due 2022 to be issued by Spanish pulp and electricity producer ENCE Energía y Celulosa, S.A. (ENCE SA). At the same time, we assigned our recovery rating of '4' to the proposed notes, reflecting our expectation of average (30%-50%) recovery for noteholders in the event of a payment default. Recovery prospects are in the lower half of the range. RECOVERY ANALYSIS We are assigning a 'BB-' issue rating to the proposed €250 million senior unsecured notes due 2022 to be issued by ENCE Energía y Celulosa, S.A. (ENCE SA). We are also assigning our recovery

...LONDON (Standard & Poor's) Oct. 21, 2015--Standard & Poor's Ratings Services today assigned its '##-' issue rating to the proposed 250 million senior unsecured notes due 2022 to be issued by Spanish pulp and electricity producer ENCE Energfa y Celulosa, S.A. (ENCE SA). At the same time, we assigned our recovery rating of '4' to the proposed notes, reflecting our expectation of average (30%-50%) recovery for noteholders in the event of a payment default. Recovery prospects are in the lower half of the range. RECOVERY ANALYSIS + We are assigning a '##-' issue rating to the proposed 250 million senior unsecured notes due 2022 to be issued by ENCE Energfa y Celulosa, S.A. (ENCE SA). We are also assigning our recovery rating of '4' to the proposed notes, reflecting our expectation of average (30%-50%) recovery for noteholders in the event of a payment default. The notes are expected to be guaranteed by ENCE SA's subsidiaries (Pulp business), while Celulosa Energeia, S.A.U. and ENCE Energeia,...

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