S&P cuts Empresas Copec

S&P said it lowered its rating for Empresas Copec SA to BBB- from BBB.

Low pulp prices and significant investments elevated the company’s leverage before the pandemic, S&P said.

The agency said it now forecasts leverage will peak at 5x this year and probably slip to the 3x-3.5x range in 2021.

The outlook is stable.

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