Summary: Empresas Copec S.A. (E-Copec) Sep 05
Standard & Poors, September 2005
Abstract
The ratings on Empresas Copec S.A. (E-COPEC) reflect the group's leading market position in several key sectors of the Chilean economy, including forest products, fuel and gas distribution, and fishery. The ratings also reflect the world-class cost position of the pulp business of E-COPEC's forest products subsidiary, Celulosa Arauco y Constitucion S.A. (Arauco; BBB+/Stable/--), and adequate financial flexibility. These factors are somewhat offset by the volatility of the forest products sector and a relatively low diversification across domestic and export-oriented businesses. In mid-August 2005, Arauco resumed the operations of its pulp mill in the city of Valdivia after being affected by controversies related to environmental issues. Arauco's decision to temporarily shut down the plant since early June 2005 has affected...
Companies mentioned in this report are: 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.
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.
Empresas Copec S.A.,Celulosa Arauco y Constitucion S.A.
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