- Published: May 2012
- Region: United States
Summary: Alto Parana S.A. Dec 09
- Published: December 2009
- Standard & Poors
Standard & Poor's Ratings Services' rating on Argentina-based forest company Alto Paran- S.A. (Alto Paran-) reflects our belief that the company's 99.97% controlling shareholder, Chile-based Celulosa Arauco y Constituci-n S.A. (ARAUCO; BBB/Stable/--), has sufficient economic incentives to support the firm, given its strategic importance as a key foreign subsidiary in Latin America. The ratings therefore incorporate some level of potential parental support, based partially on ARAUCO's guarantee of Alto Paran-'s $270 million rated notes. Our local-currency rating on Alto Paran- is three notches above that on Argentina. This reflects our opinion that, in a severe sovereign default scenario, Alto Paran- would be able to generate sufficient local-currency resources to meet all of its financial obligations, in both local and foreign...
Companies mentioned in this report are: Alto Parana S.A.,Celulosa Arauco y Constitucion S.A.
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Alto Parana S.A.,Celulosa Arauco y Constitucion S.A.