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Fitch: Copec up to positive
Fitch Ratings said it affirmed the BBB+ foreign and local currency credit ratings of Empresas Copec SA. Fitch also revised the outlook of Copec's senior unsecured debt to positive from stable.
Fitch said the revision of the outlook reflects the improved financial profile of Copec and its subsidiary Celulosa Arauco y Constitucion SA (rated BBB+ by Fitch Ratings) following significant capital expenditures of more than $1.8 billion primarily for the forestry business.
Fitch said it expects continued improvement in the financial profiles of both Copec and Arauco due to the growing operating cash flows of the forestry business; net debt is not expected to increase significantly over the medium term.
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