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Stora Enso's funding policy states that the average maturity of outstanding loans and committed credit facilities covering short-term borrowings should be at least four years and at most seven years. Furthermore, the policy states that the Group must have committed credit facilities to cover all known funding needs, commercial paper borrowings and other uncommitted short-term loans.
In accordance with the funding strategy, the Group is diversifying sources of finance by increasing debt capital market issues, thus allowing the Group to take advantage of the longer maturities available in the corporate bond markets. Under the Swedish Medium -Term Note Programme, the 2003 and 2006 Notes were increased in March 2001 by SEK 500 (EUR 53.8) million and SEK 2 000 (EUR 215.0) million respectively. A debut issue on the US market was made in May 2001 when a Global Bond of USD 750 (EUR 851.0) million, maturity in May 2011, was placed with institutional investors.
Stora Enso considers the maintenance of two investment grade ratings an important target; the present rating and outlook from Moody's and Standard & Poor's are shown by the table Credit Rating.
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| Public issues |
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Eurobond
- EUR 850/2007
Finnish Serial bond
- EUR 247/2004 |
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Global bond
- USD 750/2011 |
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Medium-Term Note
- SEK 1 500/2003
- SEK 4 000/2006 |
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| Private placements |
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EUR 250 |
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USD 750 |
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SEK 2 500 |
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| Short-term programmes |
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Euro Commercial Paper Programme EUR 1 000
Finnish Commercial Paper Programme EUR 750 |
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US Commercial Paper Programme USD 300 |
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Swedish Commercial Paper Programme
SEK 10 000 |
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| Committed loan facilities |
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Syndicated Bank Facility* DEM 1 500 (EUR 766)/2004 |
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Syndicated Bank Facility*
USD 1 500/2004
USD 300, 364 Days Facility |
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* Multi-currency facility
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| Moody's |
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P-2 |
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Baa1 |
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Stable |
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| Standard & Poor's |
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A-2/K-1 |
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BBB+ |
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Stable |
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