Moody’s affirms Inversiones CMPC notes

Moody's Investors Service said it affirmed the Baa3 ratings assigned to the senior unsecured notes issued by Inversiones CMPC SA and fully guaranteed by Empresas CMPC SA.

The outlook is stable.

The agency said the affirmation reflects the expectation that the company’s performance and credit metrics will improve in the next 12 to 18 months.

Moody’s said it estimates the company will be able to reduce leverage to levels close to 3x and will continue to generate positive free cash flows while maintaining an adequate liquidity position, despite pulp supply disruptions faced in 2017 with the extended downtime at Guaíba II line.

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