Empresas Copec S.A. (E-Copec) Jul 11

Standard & Poors, July 2011

Abstract
Good credit quality of its subsidiaries Conservative financial policies at the parent holding company Low leverage at the holding company and moderate consolidated leverage Strong liquidity and good financial flexibility Very good operating conditions for the main subsidiaries, enhancing expected cash flows to the parent Lack of material asset and cash flow diversification Exposure to commodity-type businesses Standard & Poor's Ratings Services' rating on Empresas Copec S.A. (E-Copec) reflects our assessment of a satisfactory business risk profile and intermediate financial risk profile. The company's good-quality assets, conservative approach to leverage, prudent investment strategy, strong liquidity, and good financial flexibility are the main supports for its credit quality and allow it to insulate itself from the inherent volatility that affects the...

Companies mentioned in this report are: Empresas Copec S.A.,Celulosa Arauco y Constitucion S.A.,Compania de Petroleos de Chile COPEC S.A.,Alto Parana S.A.
Action: Review

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: Full Analysis

Empresas Copec S.A.,Celulosa Arauco y Constitucion S.A.,Compania de Petroleos de Chile COPEC S.A.,Alto Parana S.A.

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