Exposure to highly cyclical and capital-intensive pulp industry. Limited product diversity and scope with focus on European markets. Major European eucalyptus pulp producer with efficient and well-invested asset base. Competitive cost position with advanced logistics and favorable biomass energy integration. Stable customer base in the resilient and expanding paper tissue market. Cyclical operating cash flow and credit metrics, reflecting sensitivity to pulp prices and currency fluctuations. "Adequate" liquidity position, supported by long-dated debt maturity profile. Moderate financial policy. Possible additional investments in line with the strategy of expansion into electricity production. Standard&Poor's Ratings Services' outlook on Spanish pulp producer ENCE Energia y Celulosa S.A. is stable. Our view is based on our assumption that, even when pulp prices
