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Summary: Celulosa Arauco y Constitucion, S.A. (ARAUCO) Apr 06
Standard & Poors, April 2006
The ratings on Celulosa Arauco y Constituci-n S.A. (ARAUCO) reflect the company's world-class cost position in forest management and the production of pulp, lumber, and panels, and its moderate financial profile. Nevertheless, ARAUCO has a narrow, mostly commodity-oriented product mix and consistently pays out about 40% of net income in dividends to its parent company, Empresas Copec S.A. (E-Copec) (BBB+/Stable/--). ARAUCO's competitive profile benefits from the ownership of about 687,000 hectares of fast-growing pine plantations and, to a lesser degree, from its 102,000 hectares of eucalyptus plantations, mainly in Chile but also in Argentina and Uruguay. This strong fiber base is combined with efficient pulp, lumber, and panel facilities, including the Valdivia mill in Chile and the Alto Parana pulp...
Companies mentioned in this report are: Celulosa Arauco y Constitucion S.A.,Empresas Copec S.A.
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Celulosa Arauco y Constitucion S.A.,Empresas Copec S.A.