Fitch affirms Empresas Copec

Fitch Ratings said it affirms Empresas Copec SA's issuer default ratings and debt ratings as follows: foreign currency issuer default rating at BBB+; local currency issuer default rating at BBB+; senior unsecured bond line No. 623 at AA(cl); senior unsecured bond line No. 624 at AA(cl); national-scale at AA (cl); and equity rating at Level 1.

The outlook remains stable.

Empresas Copec's ratings reflect the strong business positions of its main operating subsidiaries Celulosa Arauco y Constitucion SA (rated BBB+ and AA(cl)), Compania de Petroleos de Chile SA and Abastecedora de Combustibles SA, the agency noted.

During 2009, Empresas Copec had $1.099 billion of consolidated EBITDA, Fitch said, adding that the company ended the year with $3.799 billion of consolidated total debt and $1.319 billion of cash and marketable securities, resulting in a net debt/EBITDA ratio of 2.3 times and a total debt/EBITDA ratio of 3.5x.

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