Cascades' results rebounded considerably in
2009, reaching new heights in the Company's
history. operating income before depreciation
and amortization rose by $159 million, or 52%,
to $465 million. the main factors underlying this
significant increase are an improved control of
fixed costs, an improvement in the performance
of boxboard and tissue assets, a strong growth
in demand for green products and a drop in di-
verse variable costs and the Canadian dollar.
moody's investors service -- raised the outlook
for Cascades' rating from negative to stable
over the past year. this new assessment re-
flects the improved balance sheet and financial
performance posted by the Company, despite a
challenging economic setting.