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BULLETIN: Empresas Copec S.A. (E-Copec) Ratings Unaffected By Arauco's Environmental Issues Jun 05
Standard & Poors, June 2005
Abstract
BUENOS AIRES (Standard & Poor's) June 10, 2005--Standard & Poor's Ratings Services said today that its ratings on Empresas Copec S.A. (E-COPEC; BBB+/Stable/--) are not affected by the decision of its wholly owned forest products subsidiary, Celulosa Arauco y Constituci-n S.A. (ARAUCO; BBB+/Stable/--) to temporarily shut down its pulp mill in the city of Valdivia after continuing controversies related to environmental issues. We believe that a temporary shut-down of the plant would not significantly affect ARAUCO's financial position. (please refer to 'Celulosa Arauco y Constitucion S.A. Ratings Affirmed; Outlook Remains Stable' published on RatingsDirect on June 9, 2005). In addition, although a more adverse scenario for ARAUCO may hurt consolidated performance-ARAUCO represents more than 80% consolidated EBITDA-we believe E-Copec's nonconsolidated...
Companies mentioned in this report are: Empresas Copec S.A.,Celulosa Arauco y Constitucion S.A.
Action: Bulletin
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Research type: News
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