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<SEC-DOCUMENT>0000950103-10-003758.txt : 20101216
<SEC-HEADER>0000950103-10-003758.hdr.sgml : 20101216
<ACCEPTANCE-DATETIME>20101216172401
ACCESSION NUMBER:		0000950103-10-003758
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20101215
FILED AS OF DATE:		20101216
DATE AS OF CHANGE:		20101216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ULTRAPAR HOLDINGS INC
		CENTRAL INDEX KEY:			0001094972
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS DISTRIBUTION [4924]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14950
		FILM NUMBER:		101257683

	BUSINESS ADDRESS:	
		STREET 1:		AV BRIGADERIO LUIZ ANTONIO 1343
		STREET 2:		9 ANDAR SAO PAULO
		CITY:			SP BRAZIL 01350-900
		STATE:			D5
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		CT CORPORATION SYSTEM
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp20391_6k.htm
<DESCRIPTION>FORM 6-K
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Form 6-K</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Washington, D.C.&#160;&#160;20549</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Report Of Foreign Private Issuer</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Pursuant To Rule 13a-16 Or 15d-16 Of</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The Securities Exchange Act Of 1934</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For the month of December, 2010</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Commission File Number: 001-14950</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">ULTRAPAR HOLDINGS INC.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">(Translation of Registrant&#8217;s Name into English)</font> </font>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Avenida Brigadeiro Luis Antonio, 1343, 9&#186;</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold">Andar</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">S&#227;o Paulo, SP, Brazil&#160;&#160;01317-910</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">(Address of Principal Executive Offices)</font> </font>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form 20-F</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -12pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ULTRAPAR HOLDINGS INC.</font></div>

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<td width="85%" bgcolor="#b8dcdc" style="TEXT-ALIGN: right">
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<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font color="#2255aa" style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: times new roman">Ultrapar Participacoes S.A. 'BBB-'</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: arial">Primary Credit Analyst:</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">Reginaldo Takara, Sao Paulo (55) 11 3039-9740;reginaldo_takara@standardandpoors.com</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">Paula Martins, Sao Paulo (55) 11-3039-9731;paula_martins@standardandpoors.com</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 48pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">On Dec. 14, 2010, Standard &amp; Poor's Ratings Services affirmed its 'BBB-' long-term corporate credit rating on Brazil-based fuel distribution and petrochemical company Ultrapar Participa&#231;&#245;es S.A. (Ultrapar). The outlook is stable.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 42pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The ratings reflect Ultrapar's resilient results supported by a strong position in fuel and liquefied petroleum gas (LPG) in Brazil, a petrochemical operation that is increasingly focused on specialty chemicals, and a fairly positive position in liquid cargo logistics. Ratings also reflect its stable cash generation and adequate liquidity. Strong competition in fuel distribution, a concentrated base of suppliers, and somewhat high gross debt temper Ultrapar's strengths.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">We see Ultrapar's business profile as satisfactory due to its diversified portfolio and relevant market share in each segment. Strong growth in 2010 reflects higher volumes and prices under a more favorable economic environment and increasing synergies with Texaco (acquired in April 2009). In fuel distribution, we believe Ultrapar will continue seeking to improve its market share in Northeast and Midwest Brazil through midsize acquisitions. Ultrapar's profitability in the segment compares well with that of other large players, but competition is particularly intense. In petrochemicals, Oxiteno benefits from a niche position in specialty products, with these accounting for the bulk of its revenues, as opposed to commodity-type, more volatile products. Finally, Ultracargo is concentrating its core business of liquid storage, which is resulting in i
mproved profitability and EBITDA contribution to the group.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 42pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">We see Ultrapar's financial profile as intermediate. Ultrapar has consistently improved cash flows with the integration of Texaco, with its funds from operations (FFO)-to-adjusted total debt and adjusted total debt-to-EBITDA ratios reaching 30.6% and 3.3x, respectively, in the 12 months ended Sept. 30, 2010. Although gross debt is still somewhat high, Ultrapar's FFO-to-net debt and net debt-to-EBITDA ratios of 68% and 1.5x, respectively,</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">have been in line with our expectations. The group generates consistent free operating cash flow (FOCF) and we expect that to help it continue reducing gross debt. Ultrapar has raised debt opportunistically to preserve cash reserves. It refinanced in 2010 at adequate cost and tenors relevant debt maturities that originated from acquisition financing in previous years. Even assuming conservative growth and price assumptions, we believe Ultrapar will consistently deleverage in the next years, with FFO-to-adjusted total debt and adjusted total debt-to-EBITDA ratios around 40% and 2.7x, respectively, by 2011. These would be equivalent to FFO-to-net debt and net debt-to-EBITDA ratios of 70% and 1.0x, respectively, in the same period.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 42pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Ultrapar's liquidity is adequate. As of September 2010, cash reserves were high at Brazilian reais (R$) 3.0 billion, which is more than enough to face R$1.1 billion of debt maturities coming due through September 2011 and fund capital expenditures and dividend distribution. Still, Ultrapar faces some refinancing in 2012 and 2013, when R$1.2 billion of debentures come due (by December 2012) and R$1.4 billion of loans with Banco do Brasil amortize. We expect Ultrapar to sustain adequate access to bank lines to refinance part of those maturities, while sustaining positive FOCF even with somewhat higher capital expenditures in the next years. Ultrapar currently counts on significant headroom on its debt covenants, because they are calculated over net debt ratios.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The stable outlook reflects our expectation that Ultrapar will sustain high cash reserves to cope with some refinancing efforts in 2012 and 2013, while improving operating results with stronger EBITDA and FOCF. A negative rating action could come from weak cash flows due to working-capital mismanagement, competitive pressure in fuel distribution that affects cash generation, or aggressive merger and acquisition activity, all of which lead to weaker cash flows and depleted cash reserves, for instance a gross debt-to-EBITDA ratio of more than 4.0x and a net debt-to-EBITDA ratio of more than 2.0x. A positive rating action depends on lower gross debt, with a gross debt-to-EBITDA ratio of consistently less than 2.0x, assuming operating results remain sound and refinancing risks are low.</font></div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
