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Alto Paran? S.A. 'BB-' Corporate Credit Rating Placed On CreditWatch Negative; Adverse Tax Ruling Cited Feb 10
Standard & Poors, Feb 2010
Abstract
Argentina's 'Tribunal Fiscal de la Naci-n' recently notified Alto Paran- of an adverse administrative ruling on a tax claim. We are placing the 'BB-' corporate credit rating on the company on CreditWatch with negative implications and, at the same time, affirming our 'BBB' rating on $270 million in notes due 2017 based on the full corporate guarantee of parent Arauco. We expect to resolve the CreditWatch listing within the next 60 days. We plan to consider further legal developments and the company's financial strategy and liquidity if it has to pay the claim. BUENOS AIRES (Standard & Poor's) Feb. 10, 2010--Standard & Poor's Ratings Services said today that it placed its 'BB-' issuer credit rating on Argentine forest company Alto...
Companies mentioned in this report are: Alto Parana S.A.,Celulosa Arauco y Constitucion S.A.
Action: Affirmed
Action: On CreditWatch:Negative
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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