CAP S.A. Feb 10

  • ID: 1872417
  • February 2010
  • Standard & Poors
1 of 3


  • CAP S.A.
  • Chile (Republic of)
  • Mitsubishi Corp.
  • MORE

Leading market position in the Chilean steel industry Integrated production, with large reserves of iron ore and limestone Long-term commercial relationships with Asian iron ore importers Adequate debt maturity profile and good access to credit Operation in the cyclical iron ore and steel products industry Small scale and exposure to larger global competitors High cost structure from small scale and lower grade of ore than used by large competitors Volatile cash flow Weak debt service coverage in 2009 resulting from the global recession Aggressive expansion plans Standard & Poor's Ratings Services' rating on CAP S.A. reflects the company's strong competitive position as Chile's sole integrated steel producer, with annual sales of about 1.1 million tons of steel products; a leading...

Companies mentioned in this report are:
- CAP S.A.
- Mitsubishi Corp.
- Chile (Republic of)

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

Note: Product cover images may vary from those shown
2 of 3

- CAP S.A.
- Mitsubishi Corp.
- Chile (Republic of)

Note: Product cover images may vary from those shown
3 of 3
Note: Product cover images may vary from those shown


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