CAP S.A. Mar 11
Standard & Poors, March 2011
Abstract
Leading market position in the Chilean steel industry. Integrated production with large reserves of iron ore and limestone. Large cash reserves. Operation in the cyclical iron ore and steel products industry that adds volatility to profits and cash flows. High cost structure from a smaller scale and lower grade of ore than industry leaders. Aggressive expansion plan that is likely to pressure cash flow generation in the medium term. Standard & Poor's Ratings Services' ratings on Chile-based iron ore and steel producer CAP S.A. reflect the company's strong positioning as the leader in the Chilean steel market, adequate leverage, and large cash reserves. These factors help CAP offset its inherently volatile cash flow from operations, which varies according to iron...
Companies mentioned in this report are:
- CAP S.A.
- Mitsubishi Corp.
- Rio Tinto PLC
- Usinas Siderurgicas de Minas Gerais S.A.
- Gerdau S.A.
- Vale S.A.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- CAP S.A.
- Mitsubishi Corp.
- Rio Tinto PLC
- Usinas Siderurgicas de Minas Gerais S.A.
- Gerdau S.A.
- Vale S.A.
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