<SEC-DOCUMENT>0000950103-12-006363.txt : 20121128
<SEC-HEADER>0000950103-12-006363.hdr.sgml : 20121128
<ACCEPTANCE-DATETIME>20121128170525
ACCESSION NUMBER:		0000950103-12-006363
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20121128
FILED AS OF DATE:		20121128
DATE AS OF CHANGE:		20121128

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:		121229679

	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>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp34525_6k.htm
<DESCRIPTION>FORM 6-K
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Washington, D.C.&#160;&#160;20549</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold">The Securities Exchange Act Of 1934</font></div>

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

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold">ULTRAPAR HOLDINGS INC.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Translation of Registrant&#8217;s Name into English) </font>

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

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -12pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">S&#227;o Paulo, November 28<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font>, 2012 &#8211; Ultrapar Participa&#231;&#245;es S.A. (BM&amp;FBOVESPA:UGPA3 / NYSE:UGP) hereby informs that the rating agency Standard &amp; Poor's Ratings Services (S&amp;P) upgraded Ultrapar&#8217;s global scale credit rating from &#8216;BBB-&#8217; to &#8216;BBB&#8217; and affirmed its Brazil national scale rating as &#8216;brAAA&#8217;.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">According to S&amp;P, the ratings assigned to Ultrapar reflect mainly the strengthening of its businesses risk profile, the maintenance of the strong leading position in the markets in which it operates and its resilient cash flow.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">The upgrade in Ultrapar&#8217;s credit rating highlights the cash flow generation capacity of its businesses and its sound financial management and corporate governance.</font></div>

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

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<td width="40%" style="TEXT-ALIGN: right"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 9pt; FONT-WEIGHT: bold">NOVEMBER 27, 2012</font></td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Ultrapar Participa&#231;&#245;es S.A.'s business risk profile continues to strengthen, in our view. The company has successfully consolidated its different business divisions in recent years, while maintaining stable credit metrics and resilient cash flow generation.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">We are raising our global scale rating on Ultrapar to 'BBB' from 'BBB-'. At the same time, we are affirming our 'brAAA' national scale rating on the company.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">The stable outlook reflects our expectation that Ultrapar will be able to maintain its strong market position and stable credit metrics despite its sizable investment plan.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">On Nov. 27, 2012, Standard &amp; Poor's Ratings Services raised its global scale rating on Brazil-based fuel distribution and petrochemical company Ultrapar Participa&#231;&#245;es S.A. to 'BBB' from 'BBB-'. At the same time, Standard &amp; Poor's affirmed its 'brAAA' national scale rating on the company. The outlook is stable. Today's rating action is part of our regular review.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">The rating actions are primarily based on our view that Ultrapar's satisfactory business risk profile has strengthened in recent years. The company has successfully consolidated its different business lines while maintaining relatively stable and resilient cash flow generation. The upgrade also incorporates our expectation that the company will continue to maintain relatively stable credit metrics that are aligned with our assessment of an "intermediate" financial risk profile. This is despite the company's sizable expected capital expenditures and relatively short-term debt concentration.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">We believe that the company's strong brands, its high market shares in both liquefied petroleum gas (LPG) and fuel distribution, and its privileged niche position in chemical specialties support its resilient and relatively stable profitability and cash flow generation. The fuel distribution business is a tight-margin operation, but it has traditionally been very stable and resilient to economic downturns. Ultrapar's recent growth reflects higher volumes across its business portfolio and a successful expansion strategy in</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">its fuel distribution operation, which the company expects to continue focusing on over the next years. However, Ultrapar's reliance on a reduced number of suppliers for LPG and other oil-derived products, the competitive fuel distribution market, the company's exposure to the volatile petrochemical market, and the high level of short-term maturities temper the company's strengths.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">The company's capital expenditures plan, which could exceed Brazilian real (R$) 1.2 billion annually during the next two to three years, mainly focuses on investing in the organic expansion of its fuel distribution business and the internationalization of its petrochemical business. And we believe that this plan will help the company to improve its competitive position by strengthening its market position in Brazil fuel distribution industry and improving its established leading position in ethylene oxide derivatives across Latin America.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">We expect that Ultrapar will be able to maintain total debt to EBITDA and funds from operations (FFO) to total debt of less than 3x and more than 30%, respectively, during the next two to three years. This mainly assumes our expectation, under our base case, that the fuel distribution segment sales, through Ipiranga, will be linked to GDP growth and vehicles fleet expansion, with marginal increases in margins due to economies of scale, and Ultapar's other lines of business (Ultragaz, Oxiteno , and Ultracargo) will sustain its margins and volumes growth leverage on GDP growth. Given the company's large capital expenditures, we expect that Ultrapar will continue to refinance its principal maturities and that material debt reductions are unlikely.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liquidity</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">We assess Ultrapar's liquidity as "adequate." As of September 2012, the company had R$2.125 billion in cash reserves, which compared favorably with the R$1.940 billion of short-term debt maturities through September 2013.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Cash sources would continue to exceed cash uses even if EBITDA were to decline by 15%;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Significant cushion under a few existing financial covenants (EBITDA would have to decline more than 60% for a potential breach of covenants); </font></div>
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<div><font color="black" style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">The company has significant flexibility to reduce capital expenditures and dividends distribution if industry or financial market conditions deteriorates unexpectedly. As a result, we are assuming capital expenditures of about R$550 million in 2013 and 2014. We consider this to be a key factor for the rating and for our liquidity assessment;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Ultrapar's bylaws prescribe a minimum dividend payment of 50% of net income, which we consider somewhat aggressive. On the other hand, the company has joined Novo Mercado by converting all of its shares into voting shares in June 2011, which will positively affect its corporate </font></div>
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<td width="40%" style="TEXT-ALIGN: right"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 9pt; FONT-WEIGHT: bold">NOVEMBER 27, 2012</font></td>
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<div style="MARGIN-LEFT: 18pt"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">governance and potential access to equity markets in the future;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">We do not factor material acquisitions into our analysis, although Ultrapar may seek inorganic growth opportunities in Brazil and abroad; and</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Ultrapar has sound relationships with commercial banks and a favorable standing in global credit markets.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; COLOR: #cc0033; FONT-SIZE: 14pt">Outlook</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">The stable outlook reflects our expectation that Ultrapar will continue to post stable credit metrics (with total debt to EBITDA of 2.5x to 3.0x and FFO to total debt of more than 30%) in the next two to three years. We also expect that the company will successfully refinance its significant debt maturities due in 2013 by extending the average life of its debt.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">The company's participation in the highly competitive fuel distribution market and the inherent volatile petrochemical business limit any upgrade. We could lower the rating if cash flows from the company's LPG and fuel distribution businesses weaken due to a decline in volume sales, higher competition domestically, or a significant increase in operating losses for its petrochemical business, which could result in weaker-than-expected credit metrics levels for Ultrapar. We could also lower the rating if the company's refinancing activity is weaker than we expect, resulting in even higher </font><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-SIZE: 10pt">short-term maturities.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Andr&#233; Covre</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chief Financial and Investor Relations Officer</font></div>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
