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Alto Parana S.A. Jun 07 Product Image

Alto Parana S.A. Jun 07

  • ID: 2040107
  • June 2007
  • Standard & Poors

FEATURED COMPANIES

  • Alto Parana S.A.
  • Empresas Copec S.A.
  • MORE

Abstract
Low-cost producer Strategic fit into strong parent's strategy, resulting in potential support Relatively narrow product mix, with exposure to cyclical commodity risks Modest scale of operations compared with that of global peers Aggressive dividend policy Standard & Poor's Ratings Services' rating on Alto Paraná S.A. reflects our belief that the company's 99.97% controlling shareholder, Celulosa Arauco y Constitucion (Arauco; BBB+/Stable/--), has sufficient economic incentives to support Alto Paraná, given its strategic importance as a key foreign subsidiary in Latin America, and thus incorporates some level of potential parental support. This is evidenced partly through the guarantee granted to Alto Paraná to support the upcoming debt issuance. As a result, our final rating on Alto Paraná is two notches above its...

Companies mentioned in this report are:
- Alto Parana S.A.
- Argentina (Republic of) (Unsolicited Ratings)
- Empresas Copec S.A.
- Celulosa Arauco y Constitucion 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

Note: Product cover images may vary from those shown

- Alto Parana S.A.
- Argentina (Republic of) (Unsolicited Ratings)
- Empresas Copec S.A.
- Celulosa Arauco y Constitucion S.A.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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