Fibria Celulose S.A. -- Moody's comments that announcement of capacity expansion in Três Lagoas is a long term credit positive for Fibria

Sao Paulo, May 15, 2015 -- Moody's Investors Service comments that the approval of a BRL 7.7 billion (USD 2.6 billion) project by Fibria Celulose S.A.'s board to expand the company's annual production capacity at the Três Lagoas mill in Mato Grosso do Sul, Brazil to nearly 3.1 million tons of hardwood pulp from current 1.3 million tons is credit positive over the long term because it will reinforce the company's position as the world largest market pulp producer and reduce its overall production cash cost. However, credit metrics - particularly leverage and interest coverage - will be pressured during the construction.

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