Fitch rates Los Portales bond B+

Fitch Ratings said it assigned the following Los Portales SA an initial B+ foreign currency issuer default rating and a B+ local currency issuer default rating.

The outlook is stable.

The agency also assigned an expected rating of B+/RR4 to Los Portales' proposed bond issuance. The target amount of the proposed issuance will be up to $200 million. The tenor is projected to be from five to 10 years.

Proceeds will be used to refinance existing debt, capital expenditures and to improve the company's liquidity position. The B+/RR4 (exp) rating on the company's unsecured senior notes debt reflect average recovery prospects in the event of a default.

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