Frankfurt am Main, November 21, 2014 -- Moody's Investors Service, ("Moody's") today confirmed the Ba3 Corporate Family Rating (CFR) of ENCE Energia y Celulosa, S.A. (ENCE), the Probability of Default rating of Ba3-PD and the instrument ratings of ENCE's Senior Secured Bonds at B1 (LGD4, 62%). The outlook is negative. This action concludes the rating review initiated on August 29, 2014.
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