S&P lowers Pampa Calichera

Standard & Poor's said it lowered the ratings on Sociedad de Inversiones Pampa Calichera SA to B+ from BB-.

The outlook remains stable.

The downgrade follows the deterioration in the company's current and expected financial performance based on expectations of lower dividends from its subsidiary, Sociedad Quimica y Minera de Chile SA, coupled with a higher debt burden, S&P said.

Following the recent sharp decline in share prices, the company has less room under some of its financial covenants, the agency said.

As a result, the company's liquidity is now assessed as less than adequate, S&P said.

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