COPEC, Celulosa Arauco Off Watch; Ratings Affirmed Feb 00
- ID: 2040004
- February 2000
- Standard & Poors
NEW YORK (Standard & Poor's CreditWire) Feb. 23, 2000--Standard & Poor's today affirmed its ratings on Compa--a de Petroleos de Chile S.A.(COPEC, a majority-owned subsidiary of AntarChile)and its forest products subsidiary Celulosa Arauco y Constitucion, S.A. (ARAUCO).(See list below.) The outlook on both ratings is negative. The ratings on Compania de Petroleos de Chile S.A. (COPEC) and Arauco were removed from CreditWatch with negative implications, where they had been placed on Dec. 22, 1999, following the announcement that the Angelini Group, Antar's 68.1% shareholder, would raise its ownership interest in COPEC to 60.1% from 30.05% in a US$1.233 billion transaction that was partially debt financed. This transaction was carried out through Antar. Following the transaction, Antar has a 30.05% direct...
Companies mentioned in this report are: Empresas Copec S.A.,Celulosa Arauco y Constitucion S.A.
Action: Various Rating Actions
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.