Summary: Celulosa Arauco y Constitucion S.A. (ARAUCO) Aug 08
Standard & Poors, August 2008
Abstract
Standard & Poor's Ratings Services' rating on Celulosa ARAUCO y Constitución S.A. (ARAUCO) reflects the company's satisfactory business risk profile, mainly derived from its world-class cost position in forest management and the production of pulp, lumber, and panels, coupled with an intermediate financial profile. Nevertheless, ARAUCO has a narrow, mostly commodity-oriented product mix and consistently pays out about 40% of net income in dividends to its parent company, Empresas Copec S.A. (E-Copec; BBB+/Stable/--). ARAUCO's competitive profile benefits from its ownership of about 778,000 hectares of fast-growing pine plantations and, to a lesser degree, its 135,000 hectares of eucalyptus plantations mainly in Chile, but also in Argentina, Uruguay, and Brazil. Their strong fiber base combined with efficient pulp, lumber, and panel...
Companies mentioned in this report are:
- Celulosa Arauco y Constitucion S.A.
- Brazil (Federative Republic of)
- Chile (Republic of)
- Argentina (Republic of) (Unsolicited Ratings)
- Empresas 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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
- Celulosa Arauco y Constitucion S.A.
- Brazil (Federative Republic of)
- Chile (Republic of)
- Argentina (Republic of) (Unsolicited Ratings)
- Empresas Copec S.A.
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