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Alto Paran? S.A. May 11
Standard & Poors, May 2011
Abstract
Potential support from its parent; Low-cost production; and Extended debt maturity profile. Relatively narrow product mix, with exposure to cyclical commodity risks; Modest scale of operations compared with global peers; and Tax contingencies. Standard & Poor's Ratings Services' 'BB-' global scale corporate credit rating on Alto Paran- reflects our belief that the company's 99.97% controlling shareholder, Celulosa Arauco y Constituci-n S.A. (ARAUCO; BBB/Stable/--), has sufficient economic incentives to support the firm. This is mainly because of its strategic importance as a significant foreign subsidiary in Latin America. The company's 'b' stand-alone credit profile, in turn, reflects the inherent risks of operating in Argentina; the company's narrow, mostly commodity-oriented product mix; and its modest scale compared with rated peers. Alta Paran-'s...
Companies mentioned in this report are: Alto Parana S.A.,Empresas Copec S.A.,Celulosa Arauco y Constitucion S.A.,Compania de Petroleos de Chile COPEC 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
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