Fitch drops Empresas currency ratings

Fitch Ratings said it has taken the following rating actions on Empresas Copec:

• Foreign and local currency issuer default ratings downgraded to BBB from BBB+;

• Senior unsecured bond line No. 623 and bond programs registered under the line downgraded to AA-(cl) from AA(cl);

• Senior unsecured bond line No. 624 and bond programs registered under the line downgraded to AA-(cl) from AA(cl);

• Long-term national-scale downgraded to AA-(cl) from AA(cl); and

• Equity rating affirmed at Primera Clase Nivel 1.

The outlook is stable.

According to Fitch, the rating actions on Empresas Copec's ratings is based upon the weakened financial profile of its main subsidiaries Celulosa Arauco y Constitucion SA and Compania de Petroleos de Chile, which represent near 90% of its consolidated EBITDA.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.