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Article: The Charlotte Observer, N.C., Business Briefs Column.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- November 16, 1999
- Author:
CopyrightCOPYRIGHT 1999 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Knight Ridder/Tribune Business News
Nov. 17 -- BOWATER, THE WORLD'S NO. 2 newsprint producer, faces a possible downgrade of its debt by Moody's Investors Service.
While noting Bowater's strong competitive position and low-cost operations, Moody's said it is concerned because the papermaker based in Greenville, S.C., "remains in an aggressive acquisition mode." Existing debt ratings were based on expectations that Bowater, with about 1,100 workers at its Catawba, S.C., paper mill, would continue paying down debt and integrating recent acquisitions.
In a $2.4 billion deal last year, Bowater bought a Canadian paper maker. The company also bought ...