Fitch Releases Credit Analysis of Aracruz Celulose S.A.Business Editors CHICAGO--(BUSINESS WIRE)--July 21, 2003 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has released a Credit Analysis of Aracruz Celulose Aracruz Celulose S.A. is a major Brazilian manufacturer of pulp. It is headquartered in São Paulo. The company is the world's leading supplier of bleached eucalyptus pulp. S.A. (Aracruz). This report covers Fitch's rating rationale for Aracruz's 'BBB' senior secured local currency rating with a Stable Rating Outlook. Other sections in the report include reviews of Aracruz's pulp business in Brazil. The report also takes a look at the company's financial performance in 2002 and discusses Fitch's expectations for Aracruz's credit protection measures in 2003. Aracruz is the largest producer of bleached eucalyptus kraft market pulp in the world, with a nominal production capacity of 2.4 million tons. Aracruz meets its fiber needs with eucalyptus plantations that it owns in the states of Espirito Santo and Bahia. Aracruz's voting shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. are controlled by the Lorentzen Group (28%), Votorantim Celulose e Papel S.A. (28%), Safra Group (28%) and BNDESPAR BNDESPAR Bndes Participações (Brazil) (12.5%). |
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