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ARAUCO'S $300 Million Shelf Rated Preliminary 'BBB+'; Ratings Affirmed, Outlook Stable Aug 01
Standard & Poors, Aug 2001
Abstract
NEW YORK (Standard & Poor's) Aug. 30, 2001-- Standard & Poor's today assigned its preliminary triple-'B'-plus senior unsecured rating to Celulosa Arauco y Constitucion S.A.'s (ARAUCO) $300 million shelf registration of debt securities. At the same time, Standard & Poor's affirmed its existing triple-'B'-plus corporate credit and senior unsecured debt ratings on Arauco. The outlook is stable. The investment-grade ratings on Chilean-based ARAUCO stem from the world-class cost position; narrow, still majority commodity-oriented product mix; and moderate financial profile of this forest management and pulp and lumber producer. The ratings also incorporate the company's relatively high dividend payments to its parent company COPEC at 50% of net income, which are expected to be lowered over the next two fiscal years....
Companies mentioned in this report are: Celulosa Arauco y Constitucion S.A.
Action: New Rating
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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