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S&P rates Inversiones CMPC sustainability notes BBB-
S&P said it assigned its BBB- issue-level rating to Inversiones CMPC SA's (not rated) proposed $500 million 10-year senior sustainability-linked notes. Inversiones CMPC is a wholly owned financing vehicle subsidiary of Chile-based pulp and paper company, Empresas CMPC SA (CMPC; BBB-/stable/--).
The rating on the notes is the same as the issuer credit rating on CMPC, based on its unconditional and irrevocable guarantee for the notes' payment.
“We expect the company to use the issuance proceeds to refinance the 4.5% 2022 notes and for general corporate purposes,” S&P said in a news release.
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