Fitch affirms Empresas CMPC

Fitch Ratings said it affirmed the A- local- and foreign-currency issuer default ratings and AA+(chl) national scale rating of Empresas CMPC SA and Inversiones CMPC SA's A- $300 million bond due in 2013 and AA+(chl) peso-denominated bonds due in 2015 and 2027.

The outlook is stable.

The agency said CMPC's ratings reflect its diverse cash flows, low-cost production capabilities due to its access to inexpensive fiber, market-leading positions in a number of products and historically conservative financial profile. The ratings also take into consideration CMPC's ownership of 749,000 hectares of land in Chile and Argentina, on which it has 522,000 hectares of hardwood and softwood forest plantations.

For 2006, the company had a total debt-to-EBITDA ratio of 3.1x.

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