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BULLETIN: Arauco Ratings Not Affected by Improved Nine-Month Results Nov 04
Standard & Poors, Nov 2004
Abstract
NEW YORK (Standard & Poor's) Nov. 4, 2004--Standard & Poor's Ratings Services said today that Celulosa Arauco y Constituci-n S.A.'s (Arauco; BBB+/Stable/--) 41.4% net income increase year-on-year as of September 2004 will not affect Standard & Poor's ratings or outlook on the company. The higher results are derived mainly from a better operating performance aided by improved realized prices in most of Arauco's product categories, higher volumes, and a relatively stable cost structure, all of which lead to a 55% increase in EBITDA generation when compared to the nine-month period of the previous year. The improvement in operating results was partially offset by derivative and foreign-exchange gains in 2003 that were not repeated in 2004. Standard & Poor's analysis factors...
Companies mentioned in this report are: Celulosa Arauco y Constitucion S.A.
Action: Bulletin
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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