S&P: Bowater unchanged

Standard & Poor's said its ratings and outlook on Bowater Inc. (BB/stable/--) are unchanged following the company's announcement that it expects a fourth-quarter loss of 45 cents to 55 cents per share before special items.

S&P said it expected fourth-quarter results to weaken from the third quarter because of lower pulp and lumber prices and a stronger Canadian dollar.

Although the company experienced more downtime in newsprint and pulp than projected, S&P said estimated fourth-quarter EBITDA is not materially lower than what we had been expecting.

Nonetheless, S&P said it recognizes that Bowater's current credit measures remain very weak and that its financial profile is not commensurate with the ratings.

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