Nov 07, 2005. /Lesprom Network/. Standard and Poors Ratings Services has just raised Aracruz Celulose's foreign currency risk rating from BB- to BBB- (investment grade), the same rating the company has in local currency. According to Aracruz's chief financial officer, Isac Zagury, "the foreign currency investment grade rating should contribute to a reduction in the cost of capital for Aracruz over the medium term and, consequently, to an increase in the company's market capitalization. This recognition bolsters the global position of Aracruz, the world's leading producer of eucalyptus pulp and one of Brazil's largest net exporters." Aracruz Celulose is the world's leading producer of bleached eucalyptus pulp. The company is responsible for some 30% of the global supply of the product, used to manufacture printing and writing, tissue, and high value added specialty papers. Aracruz's forestry operations are situated in the states of Espírito Santo, Bahia, Minas Gerais and Rio Grande do Sul. They involve some 255,000 hectares of eucalyptus plantations, intermingled with around 136,000 hectares of native forest reserves, which are of fundamental importance for ensuring the balance of the ecosystem.